TECHNICAL ANALYSIS OF BULLION FOR 29 SEP 2016

SELL GOLD OCT @ 31100 SL 31380 TGT 30920-30750. MCX

SELL SILVER DEC @ 45800 SL 46240 TGT 45420-45040. MCX

Gold:  Gold trading range for the day is 30761-31379. Gold dropped as dollar and stocks gained ground on the view that U.S. presidential candidate Hillary Clinton got the better of rival. U.S. single-family home prices rose slightly less than expected on an annual basis in July, and the year-over-year gain was smaller. SPDR gold trust holdings dropped by 0.22% i.e. 2.08 tonnes to 949.14 tonnes from 951.22 tonnes.

Outlook: Technically market is under long liquidation as market has witnessed drop in open interest by -10.06% to settled at 6141 while prices down -350 rupee, now Gold is getting support at 30869 and below same could see a test of 30761 level, And resistance is now likely to be seen at 31178, a move above could see prices testing 31379

	R2	R1	S1		S2	TREND
GOLD	31150	31100	30900		30800	BULLISH

Silver:  Silver trading range for the day is 44675-46857. Silver dropped as market sentiment improved amid the view that U.S. presidential candidate Hillary Clinton did better than her rival Donald Trump in debate. The Federal Reserve held off on raising interest rates and scaled back the number of rate hikes it expects next year. U.S. consumer
confidence improved, while the service sector survey also came in better than expected.

Outlook:  Technically market is under fresh selling as market has witnessed gain in open interest by 18.26% to settled at 9552 while prices down -1007 rupee, now Silver is getting support at 45084 and below same could see a test of 44675 level, And resistance is now likely to be seen at 46175, a move above could see prices testing 46857.

	R2	R1	S1		S2	TREND
SILVER	46000	45750	45300		45200	BULLISH