Weekly commodity market outlook

Gold inched up on weekly basis as U.S. report on Friday slashed the forecast for the corn crop and raising worries about higher food prices, boosting the precious metal`s allure as an inflation hedge. Weak start to monsoon in India and rise in prices of precious metals caused concern over India Gold demand. However bullion market in India usually picks up in August with the beginning of festivals which continue till November. Technically Gold is consolidation on the charts. In the coming week 30,400 and 30,700 will act as a major resistance and 29,700 and 29,350 will act as a major support in MCX Gold. For this week traders can use buy on lower level strategy, if Gold sustains above 30,000 then above 30,100 it can test the level of 30,300/ 30,500.Technically Silver is still consolidating on the charts. For this week, 55,200 and 56,800 are the major resistance whereas 52,600 and 51,000 are major supports in MCX Silver. Traders can use buy on lower level strategy, if Silver sustains above the level of 54,000 then above 54400 Silver can test the level of 55,200/ 56,000

Copper prices slipped last week after weak Chinese trade numbers marked another week of gloomy data and spurring fears about a worse than expected economic slowdown in the world`s top metals consumer. Technically Copper is looking weak on the charts. For this week, 409 and 401 will act as major support level and 420 and 426 will act as major resistance in MCX Copper. One should go for sell on higher level strategy in MCX Copper, if it sustains below the level of 413 then it can test the level of 409/ 405.

Crude Oil dipped a bit last week as China, the world`s second-largest user of oil released its monthly economic data. According to data China oil demand in July is at 9.15 mln bpd, at second-lowest level this year. Technically Crude Oil is looking bearish on the chart. For this  week 5,040 and 4,850 will act as major supports and 5,225 and 5,400 will act as major resistance in MCX Crude Oil. For the next week traders can use sell on higher level strategy, if MCX Crude sustains below the level of 5,100 then below 5,040 it can test the level of 4,950/ 4,850.