BULLION OUTLOOK FOR 17-18 NOV 2016

SELL GOLD DEC @ 29500 SL ABV 29720 TGT 29360-29180. MCX

SELL SILVER DEC @ 41550 SL ABV 41880 TGT 41220-40960. MCX

Gold:  Gold trading range for the day is 29254-29506. Gold steadied with investors showing concern over the impact of the potential economic policies of U.S. president-elect Donald Trump. One interest rate increase, possibly next month, may be enough to bring U.S. rates to a neutral setting, Fed’s Bullard said. SPDR Gold Trust said its holdings fell 0.13 percent to 926.26 tonnes on Wednesday from 927.45 tonnes on Tuesday

Outlook: Technically market is under fresh buying as market has witnessed gain in open interest by 1.22% to settled at 6370 while prices up 63 rupee, now Gold is getting support at 29319 and below same could see a test of 29254 level, And resistance is now likely to be seen at 29445, a move abov e could see prices testing 29506.

	R2	R1	S1		S2	TREND
GOLD	29500	29400	29280		29200	SIDEWAYS

Silver: Silver trading range for the day is 40740-41886. Silver prices dropped amid mounting expectations that the Federal Reserve will hike interest rates next month. Prices are down over the past week amid optimism that increased fiscal spending and tax cuts under a Trump administration will spur economic growth. U.S. industrial production was unchanged in October, weighed down by a decline in utilities output, data from the Federal Reserve showed.

Outlook:  Technically market is under long liquidation as market has witnessed drop in open interest by -0.51% to settled at 11443 while prices down -169 rupee, now Silver is getting support at 40989 and below same could see a test of 40740 level, And resistance is now likely to be seen at 41562, a move above could see prices testing 41886.

	R2	R1	S1		S2	TREND
SILVER	41500	41300	41000		40500	SIDEWAYS