By Research Tem- (Mr. Vivek Gupta- Research Head)
Commodity market outlook

 Gold future were likely to find support at USD1,269.45 a troy ounce, and resistance at USD1,347.85. Gold edged higher on Thursday, staying on track for its third straight weekly gain, helped by a weaker dollar and hopes of a prolonged period of easy monetary policy. Gold is expected to rise further over weaker dollar and poor number coming from US which raised the hopes for extended bond buying. Over all, MCX Gold August future is consolidate and sustaining in a range for the entire week. So for the coming week 27565/27000 will act as a major support whereas 28300/28720 will act as a major resistance level in MCX Gold August future. For the next week in MCX Gold, trader can use buy on lower level strategy, if MCX Gold August future sustain above the levels of 27716 then it could test the levels 27955 /28250.

MCX Silver is also in consolidation and sustaining around lower levels. So, for the coming week 44500/47715 will act as major resistance levels where as 40449/38536. will act as major support in MCX Silver September futures. Last week MCX Silver September futures was sustaining around lower levels. For the next week traders can use buy on lower level strategy, if MCX Silver September futures sustains above 41542 then it could test the levels of 42682/ 44500.

Crude oil futures were lower on Friday, as uncertainty over the future of the Federal Reserve stimulus program continued to dominated markets, ahead of U.S. Data. China’s central bank said it will continue to operate a prudent monetary policy to improve the financial environment for small  companies. As the world’s No. 2 consumer of oil, China’s economic well being often influences oil prices. Crude oil is still looking bearish due to technical selling and lack of demand. So, for the coming week 5942/5712 will act as major supports levels whereas 6320/6535 will act as major resistance in MCX Crude oil August futures.  For the next week, trader can go for sell on higher level strategy, if MCX Crude August future sustain below 6156 levels then it could test the levels 6076/5942.

Copper remained almost unchanged as lower demand from china and weaker dollar internationally helped copper to remain in a range yesterday. Poor manufacturing data from China in the week beginning had already pressured the prices. Poor numbers from US however supported the prices a bit. Copper is still in a bearish tone as lack of physical demand from China can push the prices. Trend of MCX Copper future is consolidate and also sustaining in a range. So, for the coming week, it could face major resistance of 415.65/ 423.35 whereas 400/ 393.30 could be a major support in MCX Copper. For the next week trader may go for sell on higher levels, if MCX Copper future sustain below 408.30 levels then it could test the level of 404.30/ 400 levels.