BULLION OUTLOOK FOR 15-16 DEC 2016

SELL GOLD BELOW 27180 SL 27320 TGT 27000-26800.

SELL SILVER BELOW 41200 SL 41520 TGT 41000-40800.

Gold:  Gold trading range for the day is 27488-27734. Gold prices edged higher on a weaker dollar and as markets waited for the outcome of the U.S. Federal Reserve's policy meeting. Fed’s Yellen announced that the central bank was raising interest rates by 0.25%, and that it planned three additional rate hikes next year. Data prior to Fed statement showed U.S. retail sales barely rose in November, while U.S. industrial production fell more than expected.

Outlook: Technically market is under short covering as market has witnessed drop in open interest by -3.94% to settled at 6141 while prices up 52 rupee, now Gold is getting support at 27537 and below same could see a test of 27488 level, And resistance is now likely to be seen at 27660, a move above could see prices testing 27734.

	R2	R1	S1		S2	TREND
GOLD	27650	27500	27000		26800	SIDEWAYS

Silver: Silver trading range for the day is 40899-42385. Silver gains with the dollar little changed as investors awaited the outcome of the Federal Reserve’s latest policy meeting. The U.S. central bank raised interest rates for the first time in a year and signalled further rate hikes for 2017. The Commerce Department said retail sales edged up 0.1 percent after two
straight months of strong gains.

Outlook:  Technically market is under short covering as market has witnessed drop in open interest by -2.81% to settled at 12559 while prices up 493 rupee, now Silver is getting support at 41314 and below same could see a test of 40899 level, And resistance is now likely to be seen at 42057, a move above could see prices testing 42385.

	R2	R1	S1		S2	TREND
SILVER	41600	41400	41250		41000	SIDEWAYS