Gold prices moved in range on Friday as stronger US GDP data and lack of demand due as Chinese markets are shut over Lunar New Year. The dollar strengthened and global equity markets rebounded after data showed the U. S. economy grew strongly in the last quarter of 2013.

SPDR gold holdings rose 0.60tonnes to move up to 793.16 tonnes. Gold prices are expected to move in a range to down for the week as lack of demand over Chinese New year and positive US data can push the gold prices further down. Over all, MCX Gold April future is in consolidation and sustaining in range. For the coming week 28000/27517 will act as a major support whereas 28800/29260will act as a major resistance level in MCX Gold April future. For the next week in MCX Gold, trader can use sell on higher level strategy, if MCX Gold April future sustain below the levels of 28490 then it could test the levels 28315 /28000.

Technically, MCX Silver March futures is consolidate and sustaining around lower levels. For the coming week 44458/46000 will act as major resistance levels where as 40750/38500 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 43000 then it could test the levels of 42000/ 40765.