GOLD TREND FOR THE WEEK 10 OCT 2016

GOLD COMEX SETTLED : 1251.80
TREND : RECOVERY IN CONSOLIDATION RANGE
FUNDAMENTALLY :


Last Friday there was a surprise move selling at day high level after poor NFP numbers. Purely a manipulation by the big traders involved in future trading. RBI also start high level of sovereign bonds buying that also increase some demand in yellow metal lower level.


TECHNICALLY :


If market really wants to go down than also I expected a lower top around 1295-98 or near 1308 possible in next 1-3 weeks. So gold at a price for buying opportunity as well as silver seems much better below 18 for buying and accumulate in small quantities.
However safe traders can wait a day closing above 1272  for entering safe.


TRADE LEVELS


R2 : 1298
R1 : 1284
P : 1272
S1 : 1260
S2 1245


For Intraday trading level MCX/COMEX contact :


Rahul Kumar
Bullion Expert


HFBC 8193003476

GOLD WEEKLY OUTLOOK

GOLD COMEX SETTLED $ 1341.70 (GCZ16)

Last week gold traded between a range 1310-1348 and showing little bullishness only after FED unchanged rate decision on Sep meetings.  Overall market still facing  the consolidation between range and not given any breakout as traders expected.

My view still same as market is in bullish consolidation and may test the monthly support before any upward breakout laying at 1298-1305.

I am very much interested to buy gold only below 1310 and silver @ 18.90 for a year end target 1400-1420 but not recommended future contract instead of the option covered call strategy more benefited at that time.

The levels for trading :

R2 : 1358
R1 : 1346
P   : 1330
S1 : 1316
S2 : 1302

for MCX trading contact : 8193003476

Rahul Kumar
Bullion Expert
HFBC

write me : bestech30@gmail.com