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Below are Views on Weekly Oulook - Gold, Silver, Crude Oil, copper ,USDINR & Guarseed By Mr. Anuj Gupta, Vice President, IIFL Securities

Last we gold and silver prices corrected sharply.  Last week mcx gold almost 1% and  closed at 55416 levels. In international market it corrected by almost 1% and closed at $1818 levels. international market gold  Silver prices was corrected more than 3% and closed at 63450 levels. In international market Silver breached the suppprt level of $21 levels and closed around $20.80 levels.

The correction in  gold came in the form of the Fed’s preferred inflation indicator like the Personal Consumption Expenditures, or PCE, Index which grew 5.4% in the year to January, beating forecasts for the month as well as its previous growth in December.

The dollar hit a seven-week high against a basket of major currencies while the yields on the 2-year U.S. note hit their highest since 2007 amid a near reach of the 4% level for the benchmark 10-Year note.

For the next week gold Support at 55200 ($1800) and then 55700 (1780) levels. Resistance at 55800 ($1835) and then 56200 ($1860) levels. 

Silver Support at 62500 and then 61000 levels. Resistance at 65000 and then 66500 levels.

Technically the trend of gold is Sideways to down. Sell on rise is recommending in gold and silver.

Crudeoil :

Last week brent crude oil prices closed with Flat to negative trend and closed at $83.23 levels. On mcx it closed at 6355 levels.

It was flat  by rising inventories in the United States and concerns over global economic activity.

An indicator of future supply, U.S. oil rigs fell seven to 600 this week, while the total count was still up 103 rigs, or 15.8%, over this time last year, energy services firm Baker Hughes Co.

For the next week we are expecting it may trade further with negative to flat trend. Support at 6100 ($81) and resistance at 6700 ($86) levels.

Copper.

Last week copper prices corrected more than 2.5% and made a contract low and closed at 759.40 levels .

copper inventories continued to increase albeit at a slower pace than in recent weeks  and import premiums fell again, signaling lackluster demand.

We noticed a Technical breakdown after consolidation on the Chart of copper. Which indicates pessimisn for the copper.

For the next week we are expecting it may trade again negative side. Technically Support at 745 levels and resistance at 770 levels. 

USDINR

Last week  Rupee closed at 82.93 levels with depreciation in Rupee and strength in dollar.

We are expecting that Rupee may depreciate further due to strength in dollar and Robust US DATA and federal interest hike in US. 

Also taking negative cues from the India's forex reserves declined by $5.68 billion to $561.27 billion as of February 17, the Reserve Bank of India (RBI) data showed on Friday.

It has a support at 82.40 levels and resistance at 83.50 levels. Technically It may depreciate further. 

Guarseed

Last week ncdex guarseed corrected by almost 1% and closeled at 5725 levels. Low demand putting pressure on the prices. We are expecting next week price may trade with negative side. Strong support at 5500 levels and resistance at 5900 levels. Sell in rise is recommending.

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