Gold dipped in the line of expectation settled with a fall -1.16% after data showed the US economy’s growth rate was unchanged in the first quarter and first-time filings for jobless benefits last week fell slightly.

Gold investors will be closely watching US data in the Q2 for clues as to the likelihood of a fresh QE3, which could potentially hurt the dollar and support Gold. Meanwhile, investors remained cautious ahead of a EU summit due to begin.

Copper rebounded globally after a slowdown in the past days on account of the prevailing economic woes. The red metal had a good session in metal exchanges globally last week, including Indian Multi Commodity Exchange (MCX) and London Metal Exchange (LME). Indian Copper witnessed a rebound in Multi Commodity Exchange (MCX) last week, supported by promising U. S. housing data that calmed worries about the state of the world's top economy. In Indian market positive home sales data and depreciation in Indian Rupee both supported Copper to trade higher.

Gold is consolidating on charts. Last week Gold remained in bearish trend for the entire week and it did not sustain below the important level of 29550. In the coming week 29000 and 28580 will act as a major supports in Gold and 30200 & 30700 will act as a major resistances. For the next week we could see buying coming in gold so , traders can use buy on lower levels strategy. If Gold does not sustains below 29500 then above the level of 29800 it can test the level of 30000 & 30250.

Silver is looking technically weak on charts. Last week Silver was trading in a range for the most part of the weak . For the coming week 51200 and 48500 are the major supports whereas 55200 and 56700 are major resistance in MCX Silver. For the next week traders can use sell on higher levels strategy. If Silver sustains below the level of 53200 then below 52500 Silver can test the level of 51300/50100.

Crude is technically consolidating on charts. Last week Crude Oil was in consolidation around lower levels for the entire week but on last day it bounced back sharply and closed near to its week high. For the coming week 4500 and 4180 will act as major supports and 5000 and 5280 will act as major resistance in Crude Oil. For the next week traders can use buy on lower level strategy, if MCX Crude oil sustains above the level of 4700 then above 4800 it can test the level of 4880 /4970.

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