Precious metals continued the upside rally on Friday on the back of falling dollar and weak U. S. Prelim GDP data. Gold futures rose above $980 an ounce to end near a threemonth high.

The world's largest gold-backed exchangetraded fund, the SPDR Gold Trust, said holdings stood at 1,118.76 tonnes as of May 29, unchanged from the previous business day.

For the last one month, dollar has been weakening gradually against Euro and basketof currencies which is triggering upside in Gold futures while robust investment demand and expectation that industrial demand will pick up, is driving silver prices up. We expect upside in precious metals to continue during the day.

Gold looks quite positive today after making a monthly high at closing on Friday (above 14900). It managed to breach the resistance line on the upside. The rising ADX and +DI are also positive for gold. In addition, the MADC is seen moving upside. However, Gold prices may take resistance at the earlier high of 14940 during the day. One can buy Gold above 14940, targeting 15060 and 15150 during the day.

Silver has shown strength in the last week by breaking the resistance at 23000 levels and surpassing the levels of 24000. Silver gave a new high of 24195 in the July Contract at closing. Thus, Silver looks bullish and one can buy silver at every dip. The Rising ADX and +DI support the uptrend in Silver. Also the MACD lifted-up in the past week, indicating positivity in Silver. For the day, Silver can be bought between 24000-24100 levels, targeting 24400-650 levels. If prices breach the support at 24000 levels, it can fall to 23730-750 levels.