Gold price retreated on Wednesday when European leaders took no new actions after the informal EU Summit. Central banks gold purchase data in April cheered gold market on Thursday, however. Mexico, Kazakhstan and Ukraine added about 204,000 ounces in April.

The base metals pack traded lower on account of dollar strength and statement by the OECD highlighting global economic concerns. Copper prices declined around on the LME. Although prices on the international bourses declined, the red metal on the MCX gained on the back of Rupee depreciation.

Gold is looking technically strong on charts. Last week Gold was trading in consolidation for most part of the week. In the coming week 27730 will act as a major support in Gold and 29320 will act as a major resistance. For the next week traders can use buy on lower levels strategy. If Gold sustains above 29200 then above 29320 it can test the level of 29470/29640.

Silver is consolidating on charts. Last week Silver was trading in a range for the entire weak . For the coming week 51000 and 48000 are the major supports whereas 56000 and 58750 are major resistance in MCX Silver. For the next week traders can use buy on lower levels strategy. If Silver sustains above 55650 then above 56100 Silver can test the level of 56750/57250.

Crude is in a consolidation around lower levels. Last week Crude Oil was trading in a range of 5000 to 5200 for the entire week. For the coming week 4880 and 4700 will act as major supports and 5170 and 5270 will act as major resistance in Crude Oil. For the next week traders can use sell on higher level strategy, if MCX Crude sustains below the level of 5030 then below 5000 it can test the level of 4950 /4900.

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