We expect Gold prices to trade on the negative note on the back of weak global market sentiments coupled with strength in Dollar Index (DX). Further, Strong economic data from the U. S. and ease in worries over possible US military action against Syria, may reduce the demand for safe haven. Apart from that, investors are cautious ahead of FOMC meeting which may keep prices under pressure. In the Indian markets, appreciation in the Indian Rupee against USD may exert downside pressure on the Gold price.

Over all, MCX Gold October future is consolidate and sustaining around lower levels. So for the coming week 29000/28200 will act as a major support whereas 30000/30700 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 29500 then it could test the levels 29310 /29000.

Technically, MCX Silver is sideways and sustaining around lower levels. So, for the coming week 51050/52900 will act as major resistance levels where as 45000/42860 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 49000 then it could test the levels of 47800/ 45800.