Gold Silver Reports – In my previous commentaries, I expressed some concern that the lag in the silver price vis-à-vis gold was a slight concern for the nearterm outlook. The path of least resistance for gold and gold mining shares was of course still bullish, but silver’s failure to fully participate in gold’s recent gains was a fly in the ointment.
Analysis
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MCX Gold Expected Trading Zone Between 29510—29860, Sell on Rise
Gold Silver Reports – MCX Gold Expected Trading Zone Between 29510—29860, Sell on Rise — Technically Gold market is getting support at 29510 and below same could see a test of 29330 levels and resistance is now likely to be seen at 29720, a move above could see prices testing 29860.
Natural Gas MCX Under Selling, Support Level 162
Gold Silver Reports – Technically Natural Gas market is under fresh selling as market has witnessed gain in open interest by 4.74% to settled at 24092 while prices down 5.6 rupees.
Natural Gas MCX Short Covering, Support Zone Level 171—168
Gold Silver Reports – Technically Natural Gas MCX market is under short covering as market has witnessed drop in open interest by 7.92% to settled at 19436 while prices up 1.2 rupees.
Gold Price Forecast for the Week of November 6, 2017
Gold Silver Reports – Gold markets tried to rally during the week but found enough resistance above the $1275 level to roll things over and form a bit of a shooting star.