Nickel futures are likely to show momentum over the next week, which will provide an opportunity to hold long position at the lower level, Girish Patki, senior technical analyst at Angel Broking opined.

Nickel for the near month contract is quoted at USD 15,855 a ton on the London Metal Exchange (LME). The resistance for the same can be seen at USD 18,000 and support is pigged at USD 14,300. If it closes above USD 16,000 level on weekly basis then there is an opportunity to buy metal at lower level at around USD 15600, he added.

MCX Nickel futures may see Rs 840 level on higher side tracking trends in overseas markets. On Friday, Nickel July contract is quoted higher by 1.22% at Rs 763.50 per kg as compared to its earlier close of Rs 754.30. It tossed in the range of Rs 771-750.30 after opening at Rs 753. If it manages to close above Rs 755 then one can buy nickel July contract on dip at around Rs 745-40 level, he said.

However, other metal futures such as copper futures are expected to trade range bound at LME. Copper for the near month contract at LME is trading at USD 5,079, resisting at USD 5,230. Where as, support for the same can be seen at USD 4,630.

Gold prices continued to take their cues from currency and equity market movements last week. After starting the week on a particularly weak note, the yellow metal regained strength over the period as dollar weakened against major currencies. The upward trend of gold was also fueled by the rising oil prices. On Friday, gold hovered above USD 940 level as firmer oil prices supported bullion's appeal as a hedging tool against oil-led inflation.

In the last week, gold prices bounced back to USD 948.2 from the supports of USD 915 levels and during this week. Gold prices are expected to trade sideways with positive bias ``, Abhishek Karande, Research Analyst, Sushil Financial Services said.

Gold in the international Spot market is trading around USD 939 an ounce today. If it continues to trade in the range of USD 933 - 935, this week, then it is expected to trade sideways to positive. Break of the resistance of USD 945 - 948 levels will have higher extensions of USD 958 - 960 levels, he added

Gold weekly supports lies at USD 910 and resistance lies at USD 960. A breaching of resistance of USD 960 will further prove positive for the gold prices.

Hence one can buy gold futures at a lower level in the range of USD 930 - 932 with a stop loss of USD 924 for a target USD 948 -952.