Gold prices rose slightly on Friday after weekly jobless claims data revealed the U. S. labour market still faces potholes along its road to recovery and will enjoy support from Federal Reserve stimulus programs and low interest rates for the foreseeable future.

Gold's move in the previous session was initially prompted by falling equities and news from major buyer India that the leader of the country's ruling party has asked the government to review tough import restrictions on Gold. Gold prices are expected to move in a range as strong dollar and positive US data can keep the prices in range.

Over all, MCX Gold February future is in consolidation and sustaining in a range. For the coming week 28750/28200 will act as a major support whereas 29600/30000will act as a major resistance level in MCX Gold February future. For the next week in MCX Gold, trader can use sell on higher level strategy, if MCX Gold February future sustain below the levels of 29250 then it could test the levels 29050 /28750.

Technically, MCX Silver March futures is consolidate and sustaining in range. For the coming week 45740/47000 will act as major resistance levels where as 42000/39931 will act as major support in MCX Silver March futures. For the next week in MCX Silver futures, traders can use sell on higher level strategy, if MCX Silver March futures sustains below 44600 then it could test the levels of 43200/ 42000.