Gold is set to rise nearly 2 percent this week and has found good support after a spate of soft U. S. data and speculation that the euro zone crisis could hamper U. S. growth fuelled talk of more quantitative easing from the Federal Reserve. Greek elections this weekend, which could determine its continued membership in the euro zone currency bloc, kept buyers on the sidelines. Technically Gold is looking strong on the charts. In the coming week 30500 will act as a major resistance and 29600 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 30300 then above 30500 it can test the level of 30800/ 31000.

Silver is also looking technically strong on charts. Silver traded in the range last week as investors remained sidelined amid mounting concerns over Spain’s fiscal health and ahead of weekend elections in Greece. For the coming week 55400 and 57000 are the major resistance whereas 53550 and 52000 are major supports in MCX Silver. For the next week traders can use buy on lower level strategy, if Silver sustains above the level of 55400 then above 55600 Silver can test the level of 56200/ 56800.

London Copper climbed more than 1 percent on the last day of the week and posted its first weekly rise in seven weeks, buoyed by central banks' efforts to inject liquidity should the results of weekend elections in Greece unleash havoc in financial markets. For the coming week 424 – 431 will act as major resistance level & 402– 394 will act as major supports level for MCX Copper. One should go for buy on lower level strategy in MCX Copper if it sustains above the level of 418 then it can test the level of 424/ 431.

Crude oil prices have fallen more than 21% in the past couple of months. Factors which have continuously kept the Crude oil prices under pressure are the poor fundamentals, the persisting debt issues of euro zone and the deteriorating macroeconomic conditions. The IIP numbers from all the major nations have shown a contraction and the retail sales have also not shown any major growth. For the coming week 4520 and 4400 will act as major supports and 4800 and 5000 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 4560 then below 4520 it can test the level of 4460/4400.

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