OUTLOOK

June gold closed higher due to short covering on Thursday and above the 38% retracement level of the August-March rally crossing at 897.80. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are oversold and are neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off March's high, the 50% retracement level crossing at 854.30 is the next downside target. Closes above the 20-day moving average crossing at 956.10 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 925.00. Second resistance is the 25% retracement level crossing at 946.60. First support is Tuesday's low crossing at 876.30. Second support is the 50% retracement level crossing at 854.30.
May silver closed higher on Thursday as it consolidated some of this week's decline. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are oversold, diverging and are turning neutral hinting that a short-
term low might be in or is near. Closes above the 20-day moving average crossing at 18.760 are needed to confirm that a short-
term low has been posted. If May extends this week's decline, the 62% retracement level crossing at 15.438 is the next downside target. First resistance is the 10-day moving average crossing at 17.541 then the 38% retracement level crossing at 17.731. First support is Tuesday's low crossing at 16.300 then the 62% retracement level crossing at 15.438.

May copper closed higher on Thursday as it extends Wednesday's rally. The mid-range close sets the stage for a steady opening on Friday. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends this week's rally, March's high crossing at 402.40 is the next upside target. Closes below the 10-day moving average crossing at 377.06 would signal that a short-term top has been posted. First resistance is Thursday's high crossing at 393.25. Second resistance is March's high crossing at 402.40. First support is the 20-day moving average crossing at 378.30. Second support is Tuesday's low crossing at 370.90.

May crude oil closed lower on Thursday as it consolidated some of Wednesday's rally. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are turning neutral hinting that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 104.96 would confirm that a short-term low has been posted. If May renews this week's decline, the reaction low crossing at 98.65 is the next downside target. Closes below the reaction low crossing 98.65 would renew this month's decline and could lead to a test of the 38% retracement level of the 2007-
2008-rally crossing at 94.17. First resistance is the 20-day moving average crossing at 104.96. Second resistance is today's high crossing at 106.44. First support is Tuesday's low crossing at 99.55. Second support is the reaction low crossing at 98.65.

May Henry natural gas closed lower on Thursday and below the 10-day moving average crossing at 9.633 signaling that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are turning bearish signaling that sideways to lower prices are possible near-term. If April extends today's decline, the 38% retracement level of the December-March rally crossing at 9.117 is the next downside target. Closes above Monday's high crossing at 10.210 would renew the rally off March's low while opening the door for a possible test of the contract high crossing at 10.365 later this spring. First resistance is the 10-day moving average crossing at 9.631 then Monday's high crossing at 10.210. First support is Wednesday's low crossing at 9.386. Second support is the 38% retracement level of this year's rally crossing at 9.117.

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safe trade calls

GOLD

we book profit on buy abv 11730, now good resist at 11780. for the day buy only abv 11780 S/L 11750 and T/p 11825-35 upto 11875 OR sell only below 11525 S/L 11555 and T/p 11485-450/400, close below 11400 test 11325-250 atleast in coming days (any time close above 12175/12400/ 13100/13425 bullish while close below 11450-375/ 11000 bearish for medium term)

SILVER

for the day buy only abv 22800 S/L 22710 and T/p 22875-950/23050/23150 upto 23250 OR buy ard 22025-35 S/L 22000 and T/p 22150/22275 upto 22400(any time close below 21725/21325-250/20150/19390/18600-250/17850 bearish rally while close above 23425/ 24000/26100/27500 bullish for medium term)

CRUDE

now good resist at 4240-4260 belt, as long hold 1nce again down rally expected. for the day sell ard 4230-35 S/L 4240 and T/p 4200-4180/4150 OR sell below 4110 S/L 4132 and T/p 4085-4065/4025, sustain abv 4240-50 rally test 4280-85 atleast (now crude need to close above 4260-4315/4460-85 for bullish rally while close below 3985-3960/3830/3585/3415-3390 bearish for medium term)

COPPER

for the day buy only abv 345.5 S/L 343.5 and T/p 347-348.5/351/354, now anytime close abv 345.5 test 350-351 atleast & close abv 354 seen new rally OR sell below 337 S/L 338.2 and T/p 335.75/333-332/below down rally(upside strong rally only on close above 345.5/ 354 while close below 327/310.5-303/ 281/267.5/254.5/235 bearish for medium term)

MCXARUN
9994500540

Comex gold intraday

Gold prices were volatile overnight as traders weighed weak U.S dollar against drop in crude oil prices. Economic data released yesterday also failed to boost the precious metal in particular direction. The U.S Labor Department said on Thursday that jobless claims were soaring to new highs, while U.S. services activity showed a modest pick up in March, inching its way back toward growth territory in a stagnant economy.

International spot gold moved in the range of $908.7 and $889.3 and finished at $902.90 a troy ounce, down by 60 cents.

Gold for June delivery rose $9.40 to end at $909.60 an ounce on the New York Mercantile Exchange.

Initial claims for the week ended March 29 rose by 38,000 to reach 407,000, marking the highest level seen for this economic indicator since mid-September 2005. The four-week average of initial claims also rose, increasing by 15,750 to 374,500, and thus hit the highest since the beginning of October 2005.

Continuing jobless claims were also elevated in the latest week. For the week ended March 22, continuing claims rose by 97,000 to 2.94 million -- the highest since the middle of July 2004. The four-week average of those claims also climbed, rising by 32,250 to hit the 2.86 million mark, the Labor Department's data showed. That was the highest since the mid-September 2004.

The Institute for Supply Management reported that its March non-manufacturing composite index moved to a reading of 49.6 from 49.3 in February and 44.6 in January.

On Friday, much focus of the market men will be on the U.S government reports on nonfarm payrolls data for March.

Oil prices dropped overnight as traders booked profits at higher levels. Weak job data released yesterday has reignited the concerns over the health of U.S economy and demand from that country.



Light, sweet crude for May delivery settled $1, or 1%, lower at $103.83 a barrel. Brent crude on the ICE futures exchange closed $1.23, or 1.2%, lower at $102.52 a barrel.



Medium term outlook (Spot Gold)

Bullish above $916; Resistances are $926, $932, $947, $954, $973, $984, $995, $1002, $1022, $1035, $1052; supports $896, $883. Further up-trend is expected above $954.60.



Last day DGCX Gold June traded in the range $912.8 – $892.80 and closed at $909 ($906.60).





DGCX Gold June



TECHNICAL OUTLOOK (Intra-day)

GOLD (June) - Bullish above $ 906; bearish below $ 901

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Technicals – MCX (Intra day calls)

CRUDE OIL (April) BULLISH ABOVE 4180 BEARISH BELOW 4160



GOLD (June) BULLISH ABOVE 11707 BEARISH BELOW 11665



SILVER (May) BULLISH ABOVE 22555 BEARISH BELOW 22465



COPPER (APRIL) BULLISH ABOVE 342 BEARISH BELOW 340.80



LEAD (April) BULLISH ABOVE 117.70 BEARISH BELOW 117.00



NICKEL (April) BULLISH ABOVE 1153 BEARISH BELOW 1147



ZINC (April) BULLISH ABOVE 93.60 BEARISH BELOW 93

MCXARUN
9994500540

Technicals – MCX (Intra day calls)

CRUDE OIL (April) BULLISH ABOVE 4180 BEARISH BELOW 4160



GOLD (June) BULLISH ABOVE 11707 BEARISH BELOW 11665



SILVER (May) BULLISH ABOVE 22555 BEARISH BELOW 22465



COPPER (APRIL) BULLISH ABOVE 342 BEARISH BELOW 340.80



LEAD (April) BULLISH ABOVE 117.70 BEARISH BELOW 117.00



NICKEL (April) BULLISH ABOVE 1153 BEARISH BELOW 1147



ZINC (April) BULLISH ABOVE 93.60 BEARISH BELOW 93

MCXARUN
9994500540