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Last week we observed a negative week for gold and silver. We saw the correction in gold and silver was due to the FOMC's statement on expectation to hike interest rates two times in the year. But at the last trading days of the week the ECB increased the interest rates and we observed a sharp recovery in gold and silver prices and on another hand the dollar index corrected below 5 week's low levels.

Last week mcx gold prices corrected by 0.82% and closed at 59352 levels and in the spot international market it corrected by 0.18% and closed at $1957 per ounce levels. MCX Silver corrected by 1.49% and closed at 72724 levels and in the sport international market it corrected by only 0.36% and closed at $24.18 levels. 

Dollar index trading around 102.29 levels which is 5 week's low levels. As the fall in dollar index we are expecting we may see a recovery in the gold and silver prices. Technically the trend of gold and silver is sideways to up where we are suggesting buy on support levels in the bullions. 

Gold has immediate support at 59000 levels ($1935) and then 58700 ($1920) levels while resistance at 59800 levels ($1980) and then 60300 ($2000) levels. Traders can buy gold around 59000 levels with the stop loss of 58650 levels for the target of 59800 to 60000 levels in the short term. 

Silver has immediate support at 71000 ($23) and then 695000 ($22) levels while resistance at 74000 levels ($25) and then 76000 levels ($26). We are expecting silver may test 74000 levels ($25) levels very soon and above $25 it may test $26 levels. 

Copper
As expected Last week we observed that all base metals recovered sharply and closed on a positive note. Copper increased sharply by 1.42% and closed on 5 week's high levels at 733.90 levels. Zinc increased sharply by 3.48% and closed on 3 week's high levels at 221.75 levels. Lead increased by 0.82% and closed on 2 week's high levels at 184.15 levels. Aluminium closed marginally 0.15% lower at 205.35 levels. 

We observed optimism in the base metals due to a package announced by China to boost their economy. Positive economic data is coming positive which may also provide support to the base metals. We are expecting that base metals may also trade on a positive note in the coming week. 

Technically copper has a support at 715 levels and resistance at 750 levels, Zinc support at 210 levels and resistance at 230 levels. Lead support at 178 levels and resistance at 190 levels. Aluminium support at 200 levels and resistance at 210 levels. We are expecting a positive trend in the base metals. Further Copper may test 745 to 750 levels, zinc may test 225 to 230 levels, Aluminium may test 208 to 210 levels.

Crude Oil
Last week crude oil prices closed on a positive note on the expectation of further production cuts of crude oil by OPEC and supply shortage may be seen in the future as demand expects to rise from China and europe. 

MCX Crude oil closed 0.24% higher at 5879 levels, Brent closed higher by 1.81% at $76.32 levels. Technically the trend of crude oil is sideways to up where traders can opt buy on dips strategy for the next week. We are expecting Brent may test $78 to $80 levels and on MCX it may test 6100 to 6200 levels in the coming week Strong

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