24 October 2016

BULLION OUTLOOK FOR 24-25 OCT 2016

SELL GOLD DEC @ 30000 SL 30150 TGT 29880-29750.

SELL SILVER DEC @ 42200 SL 42550 TGT 41820-41640.

Gold:  Gold trading range for the day is 29745-30075. Gold prices settled flat as a strong dollar limited gains, but prices notched its first weekly rise in four as seasonal demand from Asia kicked in. Demand from Asia, including China, India and exchange-traded funds (ETF), has helped prop up prices. Dealers in India were charging a premium of up to $2 an ounce over official domestic prices in the week.
Outlook: Dec. Gold prices couldn’t sustain at its intraday highs at 30063 levels yesterday. The counter will witness intraday bounce towards 29980/30000 areas. Sustenance above 30000 levels will trigger a retest of 30063 levels. Support for the counter is seen between 29800— 29750 zones. Weakness below 29750 will push prices lower towards 29565/29460 levels again.
           
R2
R1
S1
S2
TREND
GOLD
30000
29900
29600
29500
SIDEWAYS
Silver:  Dec. Silver prices will witness a bounce into resistance between 42080—42150 areas until support at 41800 levels hold. Weakness below this support will push prices lower towards 41560 levels. Prices needs to breakout above 42150 levels again to recover towards 42390/42477 levels again.
Outlook:  Silver trading range for the day is 41695-42199. Silver prices ended with small gains as rising demand was offset by a strong dollar. Prices were hurt in recent weeks by the strength of the dollar, which has been helped by a slew of data indicating an improvement in economy. Holdings at ishares silver trust gained by 0.89% i.e. 100.36 tonnes to 11395.28 tonnes from 11294.92 tonnes
           
R2
R1
S1
S2
TREND
SILVER
42350
42200
42000
41800
SIDEWAYS

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