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Oil prices gained shrugging off a modest rebound in dollar and weak housing data from the US, on expectations of a drop in crude inventories. The oil market is bracing for an unpredictable U.S. oil supply report from the Energy Information Administration, after two weeks where oil inventories plunged by a combined 10 million barrels. Oil inventories remain above normal even after the steep decline in the last two reports, as U.S. demand has struggled to recover from last year's recession. Now support for the crude is seen at 3628 and below could see a test of 3586. Resistance is now likely to be seen at 3695, a move above could see prices testing 3720.

Silver rose bouncing off their low on bargain buying. Enough worry remains about the strength of the global recovery to keep support under precious metals prices as refuge assets. Silver opened the day at 28620, before fading to a low of 28461. Deriving impetus from flourishing gold and base metals, the commodity prospered to a high of 28668, before edacious funds seized profits, curtailing the metal to a close of 28630.Now support for the silver is seen at 28505 and below could see a test of 28379. Resistance is now likely to be seen at 28712, a move above could see prices testing 28793.

Trading Ideas:

Silver trading range is 28379-28793.

Gold rose bouncing off their lows as investors sought to buy at a discount from recent high prices. Prices were also lifted by a decline in the euro on skittishness ahead of the Friday's release of the results of stress tests on European banks. Gold opened at 18273, gold resigned to an intraday low of 18191. Much to the consternation of the hobbled U.S. dollar, the metal exploited the greenback, nourished by exuberant fund procurement to a high of 18350. The commodity finally settled the session at 18339.Now support for the gold MCX is seen at 18237 and below could see a test of 18134. Resistance is now likely to be seen at 18396, a move above could see prices testing 18452.