Bullion prices continued to slide further on sell off by institutional investors and sent prices below $1,200 per ounce for the first time in nearly three years.  Gold futures were likely to find support at USD1,191.00 a troy ounce and resistance at USD1,300.55.  Gold prices are expected to go down today as weak investment demand can continue to put pressure on prices.  Over all, MCX Gold August future is in bearish trend and also sustaining around lower levels for entire week.  So for the coming week 24243/23719 will act as a major support whereas 25000/25550 will act as a major resistance level in MCX Gold August future.  For the next week trader can go for sell on higher level strategy, if MCX Gold August future sustain below the levels of 24700 then it could test the levels 24550/ 24250.

MCX Silver is also in bearish trend and sustaining around lower levels.  For the coming week 40000/42200 will act as major resistance levels where as 36000/34750 will act as major support in MCX Silver July futures.  Last week MCX Silver July futures was sustaining around lower levels.  For the next week traders can use sell on higher level strategy, if Silver July futures sustains below 38200 then it could test the levels of 37100/ 35550.

U. S. crude oil futures settled up $1.55 or 1.62% at $97.05 per barrel, from the previous close of $95.50.  Output at Britain's Buzzard oilfield in the North Sea is expected to stay at reduced levels of around 170,000 barrels per day (bpd) for around five days which supported prices.  We expect Crude oil prices to go up as positive US data for consumer sentiment and escalating tensions in Libya can support prices.  So for the coming week 5763/5653 will act as major supports levels whereas 6000/6140 will act as major resistance in MCX Crude oil July futures.  For the next week, trader can go for buy on lower level strategy, if MCX Crude July future sustain above 5867 levels then it could test the levels 5900/5950.