Last week MCX Gold ended on on positive note. Gold was steady on Friday after recent gains that lifted the metal to its highest since November, keeping it on track to end January with its strongest monthly climb in a year. In Previous week MCX Gold up by 1.83% and settled at INR 26638 while COMEX gold closed up with 1.78%. In coming week slightly bullish movment is expecteed in Gold if sustain above the level of 26500 then it can test the level of 26700-26900
Trend: Consolidate Resistance: 26940, 27230
Support: 26270, 25910 Strategy: Sell on High
Last week Crude Oil closed upside as Oil capped a second weekly gain amid speculation that OPEC and Russia will meet to discuss trimming crude production to bolster prices and Bank of Japan’s monetary stimulus boosted economic confidence. MCX Crude were up by 5.93% last week and settled at INR 2286 while NYMEX Crude closed upside with 4.68%. For the coming week we can expect consolidated movement in the range of 2450-2250.
Trend: Consolidate Resistance: 2400, 2510
Support: 2120, 1950 Strategy: Sell on High