WEEKLY BULLION OUTLOOK FOR 21-28 OCT 2016

YESTERDAYS CALL UPDATE

GOLD HIT TGT 30020 MADE HIGH OF 30060 !!!

SILVER HIT TGT 42350 MADE HIGH OF 42390!!!

SELL GOLD DEC @ 29950 SL 30100 TGT 29820-29700.

SELL SILVER DEC @ 42100 SL 42450 TGT 41720-41540.

Gold:  Gold trading range for the day is 29769-30133. Gold eased slightly as dollar rose and ECB left interest rates unchanged, maintaining the parameters of its 1.74 trillion euro asset buying scheme. Fed’s Dudley said the U.S. central bank will likely raise interest rates later this year if the economy remains on its current trajectory. India's gold imports in the first nine months of 2016 are estimated to have slumped 59 percent from a year ago to 268.9 tonnes.

Outlook: Technically market is under short covering as market has witnessed drop in open interest by -1.6% to settled at 7642, now Gold is getting support at 29839 and below same could see a test of 29769 level, And resistance is now likely to be seen at 30021, a move above could see prices testing 30133.

	R2	R1	S1		S2	TREND
GOLD	30000	29900	29800		29700	SIDEWAYS

Silver:  Silver trading range for the day is 41499-42641. Silver prices fell with a stronger dollar and the rising chances of rate hike weighing on the hedge commodity. The ECB left interest rates across the euro zone unchanged at record lows of zero and kept the deposit facility rate at -0.4%. Initial jobless claims in the U.S. rose by more than expected in the week ended October 15th, according to a report

Outlook: Technically market is under fresh selling as market has witnessed gain in open interest by 3.63% to settled at 17146, now Silver is getting support at 41748 and below same could see a test of 41499 level, And resistance is now likely to be seen at 42319, a move above could see prices testing 42641.

	R2	R1	S1		S2	TREND
SILVER	42200	42000	41700		41500	SIDEWAYS