Gold prices moved in range on Friday over thin trading volume in international market and physical buying from Chinese consumers. Gold is already down more than 25% for the year. SPDR Gold Trust GLD, the world's largest Gold-backed exchange-traded fund's holdings continued to fell and are down by 0.19% yesterday.

Gold prices in India also moved higher as weaker rupee supported the moving Gold prices along with speculation of easing the Gold import restrictions pushed the prices higher. Gold prices are expected to move in range to lower as better than expected US unemployment claims along with Chinese buying and thin volumes can keep the prices in range.

Over all, MCX Gold February future is in consolidation and sustaining around lower levels. For the coming week 27700/27340 will act as a major support whereas 28785/29100will act as a major resistance level in MCX Gold February future. For the next week in MCX Gold, trader can use sell on higher level strategy, if MCX Gold February future sustain below the levels of 28250 then it could test the levels 28080 /27770.

Technically, MCX Silver March futures is sideways and sustaining around lower levels. For the coming week 45000/46800 will act as major resistance levels where as 41600/40000 will act as major support in MCX Silver March futures. For the next week in MCX Silver futures, traders can use sell on higher level strategy, if MCX Silver March futures sustains below 43500 then it could test the levels of 42450/ 41000.