Gold prices rose more than 1 percent on last day of the week, building on the previous session's hefty gains, as a recovery in the euro prompted some buying of the precious metal, with shorts covering amid expectations prices could rise further. Technically, Gold has been in the oversold territory since 8 May, prompting investors and traders to do some short-covering and buying on dips. In the coming week 29400 will act as a major resistance and 27800 will act as a major support in MCX Gold . For the next week traders can use buy on lower level strategy if Gold sustains above 28800 then above 29000 it can test the level of 29400/ 29600.

Silver is also looking technically strong on charts. Last week Silver was trading in a bearish trend for most part of the week but on the last two days of the week we saw good short-covering coming at lower level and it erased most of it previous losses. For the coming week 51200 and 50000 are the major supports whereas 55000 and 56800 are major resistance in MCX Silver. For the next week traders can use buy on lower level strategy. If Silver sustains above the level of 54000 then above 54500 Silver can test the level of 55200/ 56000.

London Copper peeked above four-month lows last week on short-covering and signs that Greeks are warming to pro-austerity parties, allaying some fears the country could leave the euro zone. For the upcoming week Copper is expected to trade on higher levels. For the coming week 431 - 440 will act as major resistance level & 417 - 413 will act as major supports level for MCX Copper.

Crude Oil prices declined for the entire last week on the back of more than expected rise in US Crude oil inventories coupled with Euro Zone debt worries. Additionally, strength in dollar index and weak market sentiments also exerted further downside pressure on oil prices. Technically, Crude Oil was consolidating at lower levels, trading in a range of 5150 to 5000 for entire week. For the coming week 5000 and 4800 will act as major supports and 5120 and 5250 will act as major resistance in MCX Crude Oil. For the next week traders can use sell on higher level strategy, if MCX Crude sustains below the level of 5000 then below 4950 it can test the level of 4870/ 4800.

Commodity Market Outlook by CapitalVia Global Research Limited