4 November 2016

WEEKLY BULLION OUTLOOK OF 04-11 NOV 2016

BUY GOLD DEC @ 29560 SL 29400 TGT 29680-29820. MCX

BUY SILVER DEC @ 40800 SL 40480 TGT 40180-40450. MCX

Gold:  Gold trading range for the day is 29231-29903. 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 29448 and below same could see a test of 29231 level, And resistance is now likely to be seen at 29784, a move above could see prices testing 29903.
           
R2
R1
S1
S2
TREND
GOLD
30800
30550
30300
30000
SIDEWAYS
Silver: Silver trading range for the day is 40365-40557. Silver trading range for the day is 40365-40557. 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 40722 and below same could see a test of 40365 level, And resistance is now likely to be seen at 40318, a move above could see prices testing 40557
           
R2
R1
S1
S2
TREND
SILVER
43800
43500
43000
42500
SIDEWAYS