Gold

U.S. Gold Futures Ended Down on Friday, of Their One-Month Low Hit Earlier in the Session, as President Barack Obama's Proposal to Limit Banks' Risk-Taking Pressured the Commodity Markets. Gold Futures Continued to Fall in the Domestic Futures Market on Friday Due to Worsening Global Sentiments Driven by Strong US Dollar.

Technicals

Last Week Comex Gold Took a Major Support of 1080/ 1073 and Slightly Recovered at the End at the Week, but in the Coming Week if Gold Sustains Below $1120 and Breaks the Level of $1070 Chances of Gold in the Coming Week Would be $1050 and After that $1025 to $1030.
Now the Supports and Resistance for the Coming Week are:
Major Support for Comex Gold in the Coming Week would be 1170 and 1148
Major Resistance for Comex Gold in the Coming Week Would Be 1124$ and 1146$
Major Support in MCX Gold is 16070 and 15425
Major Resistance in MCX Gold is 16950 and 17300.

Copper

MCX Copper Ended Higher on Friday, as Fund Buying Gathered Steam After Prices of the Metal Fell to one-Month Lows on Concerns over Potential Chinese Monetary Tightening and Proposed Sweeping Restrictions on U.S. Banks.

Other Metal Prices Remained Depressed, With both Zinc And Nickel Falling Around 5 Percent, but Copper Remained Strong and did not Sustained Below its Crucial Support of 334 Even When Other Base Metals were Making New Lows.
For the Upcoming week Traders Should Use the Strategy of buy on Dips in Copper until and unless it sustains below 334.

For Next Week Comex Copper has Support of 329 And 310 And Resistance of 345 And 359 Levels.

MCX Copper Has a Major Support of 333 and below that it has Support of 317 Level. On the Upside Copper has Resistance at 352 And 359 Levels.


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