Key Points
The commodities complex as a whole witnessed whipsaws last week on the back of varied fundamental cues, with the exception of zinc and natural gas..
In the bullion pack, both silver and gold prices have rebounded from their lower levels as the US dollar hits a fresh five-week low..
In the previous week, gold prices closed marginally lower on the back of hawkish signals from the Federal Reserve and the European Central Bank..
Despite the Feds aggressive comments, the prices of gold and silver have recovered from lower levels, and the short-term rise in the dollar index appears to be coming to an end, which raises the likelihood of a continuation of the rally in precious metals..
Additionally, on the technical front, Comex spot gold prices were able to close above the critical support level of $1935/oz, which signals that the price is likely to increase further. Comex spot gold has support at $1925/oz and resistance at $1984/oz..
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