WEEKLY BULLION OUTLOOK FOR 07 OCT-14 SEP 2016

WEEKLY CALL UPDATE:

GOLD HIT all TGT 30750MADE LOW OF 29550 !!!

silver HIT all TGT 45040 MADE LOW OF 41161!!!

GOLD DEC SELL ON RISE @ 29700 SL 29900 TGT 29550-29350.

SILVER DEC SELL ON RISE @ 42000 SL 42350 TGT 41620-41150.

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Gold:  Gold trading range for the day is 29292-30090. Gold prices dropped as mostly upbeat economic data kept alive expectations for higher U.S. interest rates yet this year. The latest economic snapshot, showing a drop in weekly jobless benefits claims, injected economic optimism ahead of monthly payrolls report. Global market uncertainty, and subsequent calming factors, does continue to inject some volatility in gold markets.

Outlook: Technically market is under long liquidation as market has witnessed drop in open interest by -1.01% to settled at 8417 while prices down -341 rupee, now Gold is getting support at 29433 and below same could see a test of 29292 level, And resistance is now likely to be seen at 29832, a move above could see prices testing 30090.

	R2	R1	S1		S2	TREND
GOLD	30000	29800	29500		29400	SIDEWAYS

Silver:  Silver trading range for the day is 40205-43431. Silver prices dropped continuing its weak trend amid growing expectations for a December rate hike by the Federal Reserve. The U.S. Department of Labor said the number of individuals filing for initial jobless

benefits decreased by 5,000 to 249,000. First-time claims were the lowest since April, when initial applications for aid were at levels not seen since November 1973.

Outlook:  Technically market is under fresh selling as market has witnessed gain in open interest by 7.12% to settled at 16566 while prices down -1094 rupee, now Silver is getting support at 40863 and below same could see a test of 40205 level, And resistance is now likely to be seen at 42476, a move above could see prices testing 43431.

	R2	R1	S1		S2	TREND
SILVER	42200	41900	41500		41000	SIDEWAYS