BULLION OUTLOOK FOR 01-02 NOV 2016

PREVIOUS CALL UPDATE:

GOLD HIT all TGT 30050 MADE HIGH OF 30184 !!!

silver HIT TGT 42400 MADE HIGH OF 43069!!!

SELL GOLD DEC @ 30200 SL 30350 TGT 30000-29900.

SELL SILVER DEC @ 43000 SL 43500 TGT 42500-42200.

Gold:  Gold trading range for the day is 29851-30079. Gold dropped as the U.S. dollar bounced back from Friday’s selloff. The U.S. economy grew by 2.9 percent in the third quarter, outpacing consensus forecast of 2.5 percent. Gold demand in India spiked as festive buying lifted the premium over official domestic prices to its highest in 10 months

Outlook: Technically now Gold is getting support at 29900 and below same could see a test of 29851 level, And resistance is now likely to be seen at 30014, a move above could see prices testing 30079.

	R2	R1	S1		S2	TREND
GOLD	30350	30250	30100		30000	SIDEWAYS

Silver:  Silver trading range for the day is 42245-42585. Silver prices eased as improved risk sentiment decreased the appetite for safe haven assets. A preliminary reading of gross domestic product, expanded at a 2.9% annual clip from July through September, aided by a surge in exports. The U.S. central bank's next meeting is in November, but a rate hike ahead of the presidential election is seen as unlikely.

Outlook:  Technically market is under fresh selling as market has witnessed gain in open interest by 0.41% to settled at 15283 while prices down -57 rupee, now Silver is getting support at 42324 and below same could see a test of 42245 level, And resistance is now likely to be seen at 42494, a move above could see prices testing 42585.

	R2	R1	S1		S2	TREND
SILVER	43250	43100	43000		42800	SIDEWAYS