Gold

New York Gold Futures Ended Higher After a Volatile Session on Friday, Snapping a Five-Week Losing Streak, as The Dollar Fell Sharply After a Report Showed That U.S. Employers Unexpectedly Cut Jobs in December. The Disappointing Employment Report Dampened Hopes an Economic Recovery May be on the Way, Slashing Expectations That a U.S. Interest Hike May be Imminent – i.e. A Bullish Signal For Gold And Equities. Gold Prices Have Benefited From Low Interest Rates in The Last Year, Which Contributed to Dollar Weakness and Cut the Opportunity Cost of Holding Non-Interest Bearing Assets.

Technicals

This Week Comex Gold Has Broken its Downturn Channel And Breaks its Crucial Level of 1120 and Sustaining Above That.

Now the Supports and Resistance for The Coming Week are:
Major Support for Comex Gold in the Coming Week would be 1113 and 1074
Major Resistance for Comex Gold in the Coming Week Would Be 1150 And 1176
Major Support in MCX Gold Is 16570 and 16440
Major Resistance in MCX Gold is 17050 and 17300


Copper

U.S. Copper Futures Ended Lower On Last Week As Sentiment Soured After Unexpectedly Weak U.S. Employment Data Signaled a Very Slow And Arduous Economic Recovery. Comex Copper Was Expected To Correct A Bit After Touching The Level Of 352, Last Week It Did a High Of 354 And Then Corrected Till 340.
For The Coming Week if Comex Copper Sustains Below 338, We Can See a Slight Downward Rally Till 329 Level.

Copper is in an Upward Trading Channel & One Should Use the Strategy of Buy on Dips.
For the Upcoming Week Resistance for Comex Copper Will be 359 and 378 Levels & Support Will be at 328 &308.

For MCX Copper Resistance would be Found at 360 & 371 & Support at 335 & 317.

For more commodity tips visit

www.capitalvia.com