2 November 2016

BULLION OUTLOOK FOR 02-03 NOV 2016

BUY GOLD DEC @ 30200 SL 30020 TGT 30360-30520. MCX

BUY SILVER DEC @ 43300 SL 43080 TGT 43580-43800. MCX

Gold:  Gold trading range for the day is 29886-30514.Gold prices gained as concerns over the outcome of the U.S. election sparked losses in stocks and the dollar. Meanwhile, investors continued to digest news of further investigation into Democrat Hillary Clinton's email issues by the FBI. SPDR gold trust holdings gained by 0.28% i.e. 2.67 tonnes to 945.26 tonnes from 942.59 tonnes
Outlook: Technically market is under fresh buying as market has witnessed gain in open interest by 1.78% to settled at 6969 while prices up 335 rupee, now Gold is getting support at 30086 and below same could see a test of 29886 level, And resistance is now likely to be seen at 30400, a move above could see prices testing 30514.
           
R2
R1
S1
S2
TREND
GOLD
30000
29900
29700
29600
SIDEWAYS
Silver:  Silver trading range for the day is 42023-44515. Silver rose as the dollar retreated ahead of a Federal Reserve meeting this week. Prices also seen supported amid concerns over the outcome of the upcoming U.S. elections underpinned prices after last month's fall. Holdings at ishares silver trust gained by 0.16% i.e. 17.71 tonnes to 10235.90 tonnes from 11218.19 tonnes
Outlook:  Technically market is under short covering as market has witnessed drop in open interest by -9.88% to settled at 13773 while prices up 1171 rupee, now Silver is getting support at 42798 and below same could see a test of 42023 level, And resistance is now likely to be seen at 44044, a move above could see prices testing 44515.
           
R2
R1
S1
S2
TREND
SILVER
42600
42400
42000
41800
SIDEWAYS