WEEKLY BULLION OUTLOOK FOR 21-25 NOV 2016

SELL GOLD DEC @ 29200 SL ABV 29500 TGT 29000-28880.

SELL SILVER DEC @ 41050 SL ABV 41400 TGT 40500-40300.

Gold: Gold trading range for the day is 28905-29503. Gold eased after strong U.S. economic data and comments by U.S. Fed’s Janet Yellen further bolstered the case for hiking rates next month. The Federal Reserve could raise U.S. interest rates "relatively soon" if economic data keeps pointing to an improving labor market and rising inflation. SPDR Gold Trust said its holdings fell 0.61 percent to 920.63 tonnes on Thursday from 926.26 tonnes on Wednesday.
Outlook: Technically market is under long liquidation as market has witnessed drop in open interest by -2.35% to settled at 6220 while prices down -252 rupee, now Gold is getting support at 29018 and below same could see a test of 28905 level, And resistance is now likely to be seen at 29317, a move above could see prices testing 29503.

	R2	R1	S1		S2	TREND
GOLD	31000	30650	30500		30000	SIDEWAYS

Silver: Silver trading range for the day is 40207-41657. Silver dropped as sentiment moved into bear territory ahead of an expected Fed rate hike next month and a strong dollar curbed buying interest. Yellen said Fed policymakers at their meeting earlier in November judged that the case for a rate hike had strengthened. St. Louis Fed President James Bullard said that the Fed would hike U.S. interest rates in December barring any major shocks.

Outlook:  Technically market is under fresh selling as market has witnessed gain in open interest by 1.01% to settled at 11559 while prices down -498 rupee, now Silver is getting support at 40474 and below same could see a test of 40207 level, And resistance is now likely to be seen at 41199, a move above could see prices testing 41657.

	R2	R1	S1		S2	TREND
SILVER	44250	44100	44000		43750	SIDEWAYS