MCX Gold faced correction last week and due to US strong Employment Data Precious Metals in COMEX face a sell off and GOLD COMEX broke important Support @1300-1295$ and Close below it. Hence this week we may see down trend continuing.
GOLD & SILVER COMEX Weekly Outlook
GOLD COMEX has stiff resistance @1355-1360$ levels. Markets Looks to be in Favor of Bulls and it Seems that Gold will breach its Immediate resistance Levels. Next Minor Resistance Level that GOLD COMEX faces is @1370 and a Next Major Resistance is @1400$ which would also act as an psychological Level for GOLD. Alternatively if Unable to cross Resistance of 1355$ you may see Sell off below 1330$-1325$ and it can Head towards 1300$ mark.
SILVER COMEX and SILVER MCX Trading Near to SUPPORT
SILVER MCX (2-April-2013) on daily charts seems to be trading near to Strong support zone 51300-51100, As SILVER today has a faced major Correction, Some Relief Rally is likely and Risk and Reward Ration on initiating a Long Position at current Levels will be favorable.
Fresh Breakout in Copper and Lead Comex Charts
COPPER COMEX (27-March-2013) recently on weekly charts gave a breakdown of a classical symmetrical Triangle Pattern and Next Support is @3.20 $ Selling Opportunity Lies at current Levels. Major Profit Booking has been Seen in Commodities including Precious Metals and Base Metals.