Precious Metal Commodity Update by CapitalVia

Precious Metal Commodity Update by CapitalViaGold prices rose sharply on Thursday after a Malaysian Airlines plane crashed in Ukraine amid reports the aircraft was shot down. Investors sought safe harbour in the yellow metal as the dollar slumped on concerns the Russian-Ukraine crisis will heat up anew and dampen U. S. Recovery but Gold futures slipped lower by end of the week, as traders locked-in profits after the precious metal's recent upward movement. The dollar had found support after Ms. Yellen said Tuesday that rates could rise sooner if the economic recovery continued to improve.

Over all, MCX Gold August future is in consolidation and sustaining above the level of 27500. So for the coming week, we are expecting good buying from the lower levels. For the coming week 27500/27200 will act as a major support whereas 28600/29000 will act as a major resistance level in MCX Gold August future. For the next week in MCX Gold, trader can use buy on lower level strategy, if MCX Gold August future sustains above the levels of 27900 then it could test the levels
28600/28900.

Technically, MCX Silver September futures is in consolidation and sustaining in range. For the coming week 48000/49700 will act as a major resistance levels where as 45000/43500 will act as major support in MCX Silver September futures. For the next week in MCX Silver futures, traders can use buy on lower level strategy, if MCX Silver September futures sustains above 45800 then it could test the levels of 47200/ 48000.