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Below are Views on Weekly Gold, Silver, Crude Oil And Base Metals Outlook By Mr. Anuj Gupta, Vice President, IIFL Securities

Gold / Silver
Last week gold prices corrected sharply and closed with a negative note, however silver prices increased and closed with a positive note. MCX gold corrected by 0.21% and closed at 58175 levels, In the international market it is trading at $1919 levels per ounce. MCX Silver increased sharply by 2.84% and closed at 70020 levels. In the international market it is trading at $22.74 levels per ounce. Last with robust US economic data pressure on precious metals while it also gives support to the industrial and energy prices. Robust data indicating that economies are reviving and the demand of industrial metals and demand of energy may increase. 

For the next week gold has a strong support at 57800 levels ($1900) and then 57500 ($1880) levels while resistance at 59500 ($1935) and then 59800 ($1950) levels. Traders can buy gold around 57800 to 57900 levels with the stoploss of 57500 levels for the target of 59500 and then 59800 levels. 

Silver strong support at 69000 levels ($22) and then 67500 levels ($21) while resistance at 71500 levels ($23.50) and then 73000 ($24) levels. Traders can buy silver around 69000 levels with the stop loss of 67500 levels for the target of 71500 to 72000 levels in the near term. 

Crude Oil
Last week Crude oil prices increased sharply by 2.22% and closed at 5807 levels. Brent increased by 0.99% and closed at $75.05 per barel levels. Due to the robust US economic data increased expectation of demand for crude oil. For the next week the trend of crude oil is looking positive. It has a strong support at 5650 levels and then 5500 levels, while resistance at 6000 levels and then 6200 levels. Expectation of cut production by Saudi Arabia in the rest of year may also provide support to the crude oil.

Traders can buy crude oil around 5650 levels with the stop loss of 5500 levels for the target of 6000 to 6200 levels. In the international market it may test $78 to $80 levels very soon.

Base Metals
Last week we observed that base metals were trading with a mixed note as recovered from the lower levels but closed with a negative note. Copper made a low of 702.50 levels but it finally closed down by 0.61% at 714.10 levels. We saw lower levels of recovery in the base metals. Expectation of demand for base metals against the lower inventories are supportive for the base metals. We are expecting the trend of base metals to be positive next week.  

Copper has a strong support at 705 levels and then 695 levels, while resistance at 725 levels and then 735 levels. Traders can buy copper around 705 levels with the stop loss of 695 levels for the target of 725 and then 730 levels. Overall trend of the base metals are mixed so as per the technical chart we are recommending buy on support levels in the base metals complex.

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