Gold held on to gains from the two previous sessions on Friday after assurances from the likely new Federal Reserve chief that the U. S. central bank would continue its easy monetary policy for a while.
The prospect of the Fed's bullion-friendly bond purchases being maintained for some time helped gold recover from a four-week low hit earlier this week and it may now end a two-week losing streak. However, in the domestic market Gold prices are expected to remain in range as strong rupee could put some pressure on the prices.
Over all, MCX Gold December future is in consolidation and sustaining around lower levels. For the coming week 29674/29300 will act as a major support whereas 30500/30966 will act as a major resistance level in MCX Gold December future. For the next week in MCX Gold, trader can use sell on higher level strategy, if MCX Gold December future sustain below the levels of 30115 then it could test the levels 30010 /29727.
Technically, MCX Silver December futures is sideways and sustaining around lower levels. For the coming week 48500/50100 will act as major resistance levels where as 43624/40765 will act as major support in MCX Silver December futures. For the next week in MCX Silver futures, traders can use sell on higher level strategy, if MCX Silver December futures sustains below 46547 then it could test the levels of 45267/ 43624.