We expect Gold prices to trade on the negative note on the back of mixed global market sentiments. Further, strong economic data from US increased the expectation among the market participants that the US Federal reserve may start reducing bond buying programme soon, which may exert downside pressure on the prices

Strong economic data from the globe may reduce the demand for safe haven. However, expectation of rise in US Non-Farm employment change may act as a negative factor for the prices. However, weakness in the Dollar Index may cushion sharp fall in the prices. In the Indian markets, Appreciation in the Indian Rupee may put downside pressure on the prices.

Over all, MCX Gold October future is consolidate and sustaining around lower levels. So for the coming week 30870/30000 will act as a major support whereas 31688/32300 will act as a major resistance level in MCX Gold October future. For the next week in MCX Gold, trader can use sell on higher level strategy, if MCX Gold October future sustain below the levels of 31200 then it could test the levels 31000 /30690.

We expect spot Silver prices to trade on the negative note on the back of expectation among the market participants that the US Federal reserve may start reducing bond buying programme soon. In the Indian market, Silver may follow the Gold trend as the Indian rupee can put downside pressure on the prices.

Technically, MCX Silver is consolidate and sustaining around lower levels. So, for the coming week 54876/56682 will act as major resistance levels where as 50975/49167 will act as major support in MCX Silver December futures. Last week MCX Silver December futures was sustaining around lower levels. For the next week traders can use sell on higher level strategy, if MCX Silver December futures sustains  below 53111 then it could test the levels of 52195/ 50975.