WEEKLY BULLION OUTLOOK OF 04-11 NOV 2016

BUY GOLD DEC @ 30560 SL 30400 TGT 30680-30820. MCX

BUY SILVER DEC @ 43800 SL 43480 TGT 44180-44450. MCX

Gold:  Gold trading range for the day is 30231-30903. Gold prices gains as uncertainty over the outcome of the U.S. election knocked stocks and the dollar lower. The Fed signaled it could hike rates in December as the economy gathers momentum and inflation picks up. U.S. non-farm private employment rose much less than expected in October, dampening optimism over the health of the labor market.

Outlook: Technically market is under fresh buying as market has witnessed gain in open interest by 1.39% to settled at 7066 while prices up 381 rupee, now Gold is getting support at 30448 and below same could see a test of 30231 level, And resistance is now likely to be seen at 30784, a move above could see prices testing 30903.

	R2	R1	S1		S2	TREND
GOLD	30800	30550	30300		30000	SIDEWAYS

Silver: Silver trading range for the day is 43365-44557. Silver trading range for the day is 43365-44557. US ADP said private sector employment climbed by 147,000 jobs in October following an upwardly revised jump of 202,000 jobs in September. Holdings at ishares silver trust dropped by 0.78% i.e. 87.30 tonnes to 11148.60 tonnes from 10235.90 tonnes

Outlook:  Technically market is under short covering as market has witnessed drop in open interest by -6.46% to settled at 12883, now Silver is getting support at 43722 and below same could see a test of 43365 level, And resistance is now likely to be seen at 44318, a move above could see prices testing 44557

	R2	R1	S1		S2	TREND
SILVER	43800	43500	43000		42500	SIDEWAYS