outlook

April gold closed lower on Tuesday and below the 20-day moving average crossing at 905.20 confirming that a short-term top
has been posted. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are
bearish signaling that sideways to lower prices are possible near-term. If March extends this week's decline, the 25%
retracement level of the August-January rally crossing at 873.90 is the next downside target. Closes above the 10-day moving
average crossing at 914.70 would temper the near-term bearish outlook in the market. First resistance is today's high crossing at
911.30 then the 10-day moving average crossing at 914.70. First support is today's low crossing at 888.40 then the 25%
retracement level crossing at 873.90.

March silver closed lower on Tuesday as it extended the decline off last Friday's high. The low-range close sets the stage for a
steady to lower opening on Wednesday. Stochastics and the RSI have turning bearish signaling that a short-term top might be in
or is near. Closes below the 20-day moving average crossing at 16.368 are needed to confirm that a short-term top has been
posted. If March renews the rally off December's low, weekly resistance crossing at 17.500 is the next upside target. First
resistance is last Friday's high crossing at 17.345 then month resistance crossing at 17.500. First support is today's low
crossing at 16.300 then the 25% retracement level of the August-February rally crossing at 15.895.

March copper closed lower on Tuesday and below the 10-day moving average crossing at 322.21 confirming that a short-term
top has been posted. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI
are turning neutral hinting that a short-term top might be in or is near. If March extends today's decline, the reaction low
crossing at 311.65 is the next downside target. If March renew the rally off January's low, the reaction high crossing at 337.85
is the next upside target. First resistance is last Friday's high crossing at 334.20. Second resistance is the reaction high crossing
at 336.00. First support is today's low crossing at 318.20. Second support is last Monday's low crossing at 311.65.

March crude oil closed lower on Tuesday and below the 10-day moving average crossing at 90.11. Today's low-range close sets
the stage for a steady to lower opening on Wednesday. Stochastics and the RSI have turned bearish signaling that sideways to
lower prices are possible near-term. If March extends today's decline, January's low crossing at 85.42 is the next downside
target. Closes above last week's high crossing at 92.71 are needed to confirm that a short-term low has been posted. First
resistance is the 10-day moving average crossing at 90.09. Second resistance is the 20-day moving average crossing at 91.11.
First support is today's low crossing at 87.50. Second support is January's low crossing at 85.42.

March Henry natural gas posted an inside day with a higher close on Tuesday. The high-range close sets the stage for a steady
to higher opening on Wednesday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-
term. If March extends the decline off January's high, January's low crossing at 7.534 is the next downside target. Closes above
last week's high crossing at 8.123 are needed to renew the rally off January's low. First resistance is Monday's high crossing at
8.011 then last week's high crossing at 8.123. First support is Monday's low crossing at 7.580. Second support is January's
low crossing at 7.534.

MCXARUN
999450050

Technicals – MCX (Intra day calls)

CRUDE OIL (February) BULLISH ABOVE 3506BEARISH BELOW 3489

GOLD (April) BULLISH ABOVE 11408 BEARISH BELOW 11370

SILVER (March) BULLISH ABOVE 21220 BEARISH BELOW 21130

COPPER (February) BULLISH ABOVE 283.1 BEARISH BELOW 282.20

LEAD (February) BULLISH ABOVE 109.70 BEARISH BELOW 109.3

NICKEL (February) BULLISH ABOVE 1068 BEARISH BELOW 1063

ZINC (February) BULLISH ABOVE 95.20BEARISH BELOW 94.70

MCXARUN
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Technicals – MCX (Intra day calls)

CRUDE OIL (February) BULLISH ABOVE 3545BEARISH BELOW 3514

GOLD (April) BULLISH ABOVE 11510 BEARISH BELOW 11474

SILVER (March) BULLISH ABOVE 21466 BEARISH BELOW 21375

COPPER (February) BULLISH ABOVE 287.30 BEARISH BELOW 286.50

LEAD (February) BULLISH ABOVE 111.7 BEARISH BELOW 111.3

NICKEL (February) BULLISH ABOVE 1084 BEARISH BELOW 1080

ZINC (February) BULLISH ABOVE 98.10BEARISH BELOW 97.70

MCXARUN
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outlook

April gold closed lower on Monday and below the 10-day moving average crossing at 915.00 signaling that a short-term top has
been posted. The mid-range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI have turned bearish
signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 904.00
would confirm that a short-term top has been posted. If March extends this winter's rally, monthly resistance crossing at 950.00
is the next upside target. First resistance is last Wednesday's high crossing at 942.20 then monthly resistance crossing at
950.00. First support is today's low crossing at 896.00 then the reaction low crossing at 855.00.

March silver closed lower on Monday as it consolidated some of this winter's rally. The mid-range close sets the stage for a
steady opening on Tuesday. Stochastics and the RSI are overbought and are turning bearish signaling that a short-term top
might be in or is near. Closes below the 20-day moving average crossing at 16.312 are needed to confirm that a short-term top
has been posted. If March extends the rally off December's low, weekly resistance crossing at 17.500 is the next upside target.
First resistance is last Friday's high crossing at 17.345 then month resistance crossing at 17.500. First support is today's low
crossing at 16.445 then the 20-day moving average crossing at 16.312.

March copper closed higher on Monday as it consolidates above the 20-day moving average. The high-range close sets the stage
for a steady to higher opening on Tuesday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are
possible near-term. If March extends last week's rally, the reaction high crossing at 336.00 is the next upside target. First
resistance is last Friday's high crossing at 334.20. Second resistance is the reaction high crossing at 336.00. First support is last
Thursday's low crossing at 319.90. Second support is last Monday's low crossing at 311.65.

March crude oil closed higher on Monday and above the 10-day moving average crossing at 90.25. Today's high-range close
sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI remain neutral to bullish signaling that
sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 91.48 are needed to
confirm that a short-term low has been posted. If March renews last Friday's decline, January's low crossing at 85.42 is the
next downside target. First resistance is the 20-day moving average crossing at 91.48. Second resistance is last Wednesday's
high crossing at 92.71. First support is today's low crossing at 88.07. Second support is January's low crossing at 85.42.

March Henry natural gas posted an upside reversal and closed sharply higher on Monday. The high-range close sets the stage
for a steady to higher opening on Tuesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices
are possible near-term. If March extends the decline, January's low crossing at 7.534 is the next downside target. Closes above
last week's high crossing at 8.123 are needed to renew the rally off January's low. First resistance is today's high crossing at
8.011 then last week's high crossing at 8.123. First support is today's low crossing at 7.580. Second support is January's low
crossing at 7.534.

MCXARUN
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GENERAL MARKET CONDITIONS

It’s a technical trade in all metals and energies in the absence of major market moving news. Gold and silver will continue to find buyers at lower levels unless there is a short term technical breakdown. Some of the retail investors who are stuck at higher levels will average out at lower levels. For the rest of the week gold will consolidate before the next move. Physical demand is still not there in India. Investment demand will continue to dictate gold and silver. Based metals will find buyers at lower levels as markets prepare for greater Chinese demand after the Chinese New Year celebrations are over.

President George W. Bush’s $3.1 trillion federal budget that trims Medicare and health care programs and boosts military spending projects the deficit this year and next will hit near-record levels. If the spending does not reverse the growth rates of the US economy, the US dollar could again nosedive. This is an election year in the US and all the politicians in the US try to ensure that a temporary feel good factor is there among the voters.

GOLD -- APRIL FUTURE -- INTRA DAY PIVOT:$919.0

Gold has to break $919 for gains else it will trade in $895-$919 wider range.

NYMEX CRUDE OIL -- FUTURE -- INTRA DAY PIVOT: $89.54

In the short term as long as crude oil holds $85 it will target $95 and $102+. Crude oil has to fall below $85 for further gains.

MCXARUN
9994500540

Stock2Watch

Stock2Watch at Open :- Indian shares are seen volatile today in the absence of strong cues from global markets, while investors are likely to watch new share offerings and listings. ** Motorcycle maker Hero Honda Moters Ltd, after its quarterly net profit rose 32% ** Tata Motors Ltd after its quarterly net profit fell 3% ** Mobile operator Reliance Communications Ltd, which plans to spend about $6 billion in the year to 2009 to expand its wireless network. **Optical storage maker Moser Baer India Ltd, after it reported net loss for the December quarter from a profit a year ago. ** Steel and real estate firm Shree Precoated Steel Ltd, after its board approved splitting each share into five and spinning of its steel business.

OUT LOOK

April gold posted an inside day with a higher close on Thursday as it consolidates above the previous reaction high crossing at
922.50. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are overbought
but remain neutral to bullish signaling that additional gains are possible near-term. If March extends this winter's rally, monthly
resistance crossing at 950.00 is the next upside target. Closes below the 20-day moving average crossing at 900.60 would
confirm that a short-term top has been posted. First resistance is Wednesday's high crossing at 942.20 then monthly resistance
crossing at 950.00. First support is the 10-day moving average crossing at 910.60 then the 20-day moving average crossing at
900.60.

March silver closed higher on Friday as it extended this week's rally above the previous reaction high crossing at 16.715. The
high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are overbought but remain
neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off December's low,
weekly resistance crossing at 17.500 is the next upside target. Closes below the 20-day moving average crossing at 16.180 are
needed to confirm that a short-term top has been posted. First resistance is today's high crossing at 17.090 then month
resistance crossing at 17.500. First support is the 10-day moving average crossing at 16.443 then the 20-day moving average
crossing at 16.180.

March copper closed higher on Thursday as it extended Tuesday's rally above the 20-day moving average. The high-range close
sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are bullish signaling that sideways to higher
prices are possible near-term. If March extends this week's rally, the reaction high crossing at 336.00 is the next upside target.
First resistance is today's high crossing at 332.25. Second resistance is the reaction high crossing at 336.00. First support is
today's low crossing at 319.90. Second support is Monday's low crossing at 311.65.

March crude oil closed lower on Thursday as it consolidated some of the rally off last week's low. The high-range close sets the
stage for a steady to higher opening on Friday. Stochastics and the RSI remain bullish signaling that sideways to higher prices
are possible near-term. Closes above the 20-day moving average crossing at 92.32 are needed to confirm that a short-term low
has been posted. If March renews this month's decline, December's low crossing at 85.37 is the next downside target. First
resistance is the 20-day moving average crossing at 92.32. Second resistance is Wednesday's high crossing at 92.71. First
support is the 10-day moving average crossing at 90.22. Second support is Monday's low crossing at 88.78.

March Henry natural gas closed higher on Thursday as it extends this week's breakout above the 20-day moving average
crossing at 7.966. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are
neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off last week's low,
this month's high crossing at 8.397 is the next upside target. Closes below last week's low crossing at 7.534 would renew the
decline off this month's high. First resistance is today's high crossing at 8.130 then this month's high crossing at 8.397. First
support is Tuesday's low crossing at 7.848. Second support is last week's low crossing at 7.534.

MCXARUN
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