TRADE IDEA ON BULLION FOR 24-25 NOV 2016

SELL GOLD DEC @ 28850 SL 29000 TGT 28740-28650.

SELL SILVER DEC @ 40400 SL 40850 TGT 40280-39850.

Gold:  Gold trading range for the day is 28414-29432. Gold dropped weighed down by a strong dollar, though bullion could receive support from European political risks in the coming months. Trump's presidential victory has spurred safe-haven buying of physical gold in Europe, traditional bullion holders in US are standing pat. SPDR gold trust holdings dropped by 1.47% i.e. 13.34 tonnes to 891.57 tonnes from 904.91 tonnes.
Outlook: Technically market is under long liquidation as market has witnessed drop in open interest by -3.96% to settled at 5460 while prices down -310 rupee, now Gold is getting support at 28621 and below same could see a test of 28414 level, And resistance is now likely to be seen at 29130, a move above could see prices testing 29432.

	R2	R1	S1		S2	TREND
GOLD	29200	29000	28600		28500	SIDEWAYS

Silver: Silver trading range for the day is 39546-41372. Silver prices fell after the dollar surged to fresh 14-year highs as upbeat U.S. economic reports underlined expectations for higher interest rates. New orders for U.S. manufactured capital goods rebounded in October, driven by rising demand for machinery and a range of other equipment. The number of Americans filing for unemployment benefits rose from a 43-year low last week, the trend in jobless claims remained consistent

Outlook:  Technically market is under long liquidation as market has witnessed drop in open interest by -0.01% to settled at 11069 while prices down -264 rupee, now Silver is getting support at 40036 and below same could see a test of 39546 level, And resistance is now likely to be seen at 40949, a move above could see prices testing 41372.

	R2	R1	S1		S2	TREND
SILVER	40500	40350	40050		39900	SIDEWAYS