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Below are Views on Weekly Gold, Silver, And Dollar Index Outlook By Mr. Anuj Gupta, Vice President, IIFL Securities

Gold may test 60000 levels and silver may test 72000 levels again

Gold 58792 / $1925 
Silver 71333 / $23.05
Dollar Index 101.95

Last week gold increased by 1.03% and closed at 59792 levels, Mcx Silver increased by 3.27% and closed at 71333 levels

Dollar Index corrected by0.62% and closed at 2 week's low level at 101.92 levels.

The dollar corrected on the back of signs of a less resilient U.S. labor market as per the latest report by Labor Department the  employment report that also showed 110,000 fewer jobs were created in April and May than earlier reported
 reduced the outlook for how long the Federal Reserves will keep interest rates higher

Gold rallied after the Labor Department reported that U.S. employers added 209,000 nonfarm payrolls in June these are lower than expected.

Now it is expecting the Fed may not increase interest rate as job data is not as per expectation. Dollar index which is now 2 week's low level is providing Support to the gold and silver prices . Now the safe haven demand of gold and silver are like to increase.

Technically the trend of gold and silver are looking Sideways to up.

Gold has suppprt at 58400 ($1910) and then 57800 ($1880) levels while resistance at 59300 ($1940) and then 59800 ($1960) levels. For next Week we are recommending to buy gold near to 58200 to 58400 with the stoploss of 57800 levels for the target of 59300 levels.

Silver Support at 69500 level ($22.40) and 68000 ($21.80) levels, while restarted at 72500($23.50) and then 74000($24.20) levels. Silver may test 72500 to 73000 levels very soon again.

The trend of bullions are sideways to up so we are advocating buy on dips strategy in the bullions and metals.

Above views are of the author and not of the website kindly read disclaimer