TRADE IDEA ON BULLION FOR 04-05 OCT 2016

URJIT PATEL'S FIRST RBI POLICY ANNOUNCEMENT

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Gold:  Gold trading range for the day is 30712-31098. MCX Gold prices has shown breakdown of symmetrical triangle pattern at 30880 levels on hourly time frame. On the other hand, prices have been trading below 20 HEMA on hourly chart. On the other hand, price has shown breakdown of horizontal trend line at 30820 levels on hourly chart. Moreover, Momentum Indicator RSI is trading below 50 levels on hourly time frame. For now we expect prices should move lower towards 30550 levels in the coming trading sessions.

Outlook: Technically market is under fresh selling as market has witnessed gain in open interest by 2.49% to settled at 9268 while prices down -120 rupee, now Gold is getting support at 30786 and below same could see a test of 30712 level, And resistance is now likely to be seen at 30979, a move above could see prices testing 31098.

	R2	R1	S1		S2	TREND
GOLD	31000	30850	30750		30600	SIDEWAYS

Silver:  Silver trading range for the day is 44104-46286. On hourly chart MCX Silver price have observed breakdown of its Descending Triangle pattern at 45150 levels. Furthermore, MCX Silver prices are trading below its 20 HEMA on hourly time frame. In addition COMEX silver prices have witnessed breakdown of its Head & Shoulder pattern at $19.03

levels on hourly chart. Moreover, Momentum indicator RSI is trading is below 40 levels on hourly basis. For now we expect prices to move lower towards 44550 levels in few trading sessions.

Outlook:  Technically market is under fresh selling as market has witnessed gain in open interest by 33.06% to settled at 10976, now Silver is getting support at 44499 and below same could see a test of 44104 level, And resistance is now likely to be seen at 45590, a move above could see prices testing 46286.

	R2	R1	S1		S2	TREND
SILVER	45000	44800	45500		45000	SIDEWAYS