BULLION OUTLOOK FOR 08-09 SEP 2016

BUY GOLD ABOVE 31250 TGT 31350/31450 SL 31100

Gold: MCX Gold prices have traded on a higher side and we witnessed some profit booking in evening session. On the other hand, prices have been trading above 21 HEMA on hourly time frame. Looking at ADX, Positive Directional Index (+DMI) is in dominating position with rising average direction index. Moreover, Momentum Indicator RSI is trading above 50 levels on hourly time frame. For now we expect prices should move higher towards 31630 levels in the coming trading sessions. Technically market is getting support at 31214 and below same could see a test of 31124 level, And resistance is now likely to be seen at 31430, a move above could see prices testing 31556.

Outlook: We expect gold prices to trade positive .

	R2	R1	S1		S2	TREND
GOLD	31600	31450	31000		30750	BULLISH

Silver:  MCX Silver has almost achieved our target in yesterdays trading sessions. Furthermore, MCX Silver prices are trading above its 50 HEMA on hourly time frame. Looking at ADX, Positive directional index (+DMI) is in domination position with rising

average direction index. Moreover, Momentum Indicator RSI is trading above 50 level on hourly time frame. For now we expect prices to move higher towards 47650 levels in few trading sessions. Technically market is getting support at 46770 and below same could see a test of 46526 level, And resistance is now likely to be seen at 47403, a move above could see prices testing 47792.

Outlook:  We expect Silver prices to trade positive

	R2	R1	S1		S2	TREND
SILVER	47650	47500	47100		47000	BULLISH