Gold surged to near three-week high on Friday on expectations of robust China buying ahead of Lunar New Year and as weak local currency restrict imports.

Gold also remained bullish due to the buying from major hedge funds over year beginning to keep in the portfolio. Gold prices are expected to remain higher for the week as year beginning dollar buying and subdued equity markets can push some buying for Gold.

Over all, MCX Gold February future is in consolidation and sustaining around higher levels. For the coming week 28800/28460 will act as a major support whereas 29900/30500will act as a major resistance level in MCX Gold February future. For the next week in MCX Gold, trader can use buy on lower level strategy, if MCX Gold February future sustain above the levels of 29371 then it could test the levels 29550 /29900.

Technically, MCX Silver March futures is sideways and sustaining around higher levels. For the coming week 49200/51000 will act as major resistance levels where as 44500/42400 will act as major support in MCX Silver March futures. For the next week in MCX Silver futures, traders can use buy on lower level strategy, if MCX Silver March futures sustains above 45845 then it could test the levels of 47280/ 49200.