Gold prices traded on negative note on Friday, as strong US data and fear of Fed pulling back its stimulus program early push the gold price down. Higher unemployment claim fell sharply at the same time SPDR holding moved down 3.6 tonnes. Election of Jannet Yellen (Fed Chairperson) yesterday supported the prices over hope to continue easing policy.

Gold prices are expected to remain down as tapering fear over fed meeting minutes can push the prices down further. In the domestic market Gold prices are expected to move down as strong rupee can put pressure on prices.  

Over all, MCX Gold December future is in consolidation and sustaining around lower levels. For the coming week 29550/29211 will act as a major support whereas 30500/30966 will act as a major resistance level in MCX Gold December future. For the next week in MCX Gold, trader can use sell on higher level strategy, if MCX Gold December future sustain below the levels of 29900 then it could test the levels 29750 /29550.

Technically, MCX Silver December futures is sideways and sustaining around lower levels. For the coming week 45950/47960 will act as major resistance levels where as 40600/38500 will act as major support in MCX Silver December futures. For the next week in MCX Silver futures, traders can use sell on higher level strategy, if MCX Silver December futures sustains below 44000 then it could test the levels of 42820/ 40600.