Gold and Copper Outlook for the Week

GOLD:

NEW YORK GOLD FUTURES DROPPED IN MIXED TRADE ON FRIDAY AS PRE-WEEKEND POSITION-SQUARING MORE THAN OFFSET A WEAKER DOLLAR AND A REPORT SHOWING AN UNEXPECTED INCREASE IN U.S. RETAIL SALES IN FEBRUARY.

TECHNICALS

COMEX GOLD STILL IS IN CONSOLIDATION PHASE AND SUSTAINING BELOW $1150 AN OUNCE, $1150TO $1160 WILL BE A MAJOR HURDLE TO CHANGE THE TREND OF GOLD FOR IFCOMEX GOLD BREAKS THE LEVEL OF $1150 AN OUNCE AND SUSTAINS ABOVE IT , SO COMEX GOLD CAN SHOW A SLIGHT UPWARD MOVE ABOVE $1160/ $1170. AND IF COMEX GOLD DOES NOT SUSTAIN ABOVE THAT THEN BELOW $1079 IT CAN CONTINUE ITS DOWNWARD RALLY.

MAJOR RESISTANCE IN COMEX GOLD IS $1160 AND $1175 AND SUPPORTS AT $1078 AND $1045. MAJOR RESISTANCE IN MCX GOLD IS 17250 AND 17650 AND SUPPORTS AT 16250 AND 15950.

COPPER:

COPPER WAS MOSTLY FLAT ON FRIDAY, TRADING IN TIGHT RANGES WITH DOLLAR DECLINES SUPPORTING PRICES BUT WITH GAINS LIMITED BY WORRIES THAT CHINA MIGHT TIGHTEN MONETARY POLICY AND SLOW METALS DEMAND.
LAST WEEK WE SAW THAT MCX COPPER WAS WORKING IN A NARROW RANGE OF 336 TO 347 LEVELS. STILL COPPER IS NOT SUSTAINING AT HIGHER LEVELS AND FALLING SHARPLY FROM ITS DAY HIGH. IN THE UPCOMING WEEK IF COMEX COPPER SUSTAINS BELOW 329 WE CAN SEE A SLIGHT DOWNWARD RALLY TOWARD THE LEVEL OF 320 TO 316 LEVEL.

FOR THE COMING WEEK COMEX COPPER HAS RESISTANCE AT 355 AND 375 AND SUPPORTS AT 317 AND 287.

IN MCX COPPER RESISTANCE IS FOUND AT 354 AND 370 AND SUPPORTS AT 323 AND 313.

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