GENERAL MARKET CONDITIONS

Gold, silver and copper fell after the Fed cut interest rates by 0.75% as the US dollar gained. In March, the US dollar has fallen too swiftly which contributed to gold and silver’s rise, so the fall was imminent. Gold had further gotten a boost from safe haven demand in the wake of negative sentiment for global stock markets. The Fed funds rate is at 2.25% and the Fed may cut interest rates by another 0.50% by next month end or even before then if the US economy deteriorates by then. After April, the Fed may not cut interest rates for the rest of the year, while other central banks may cut interest rates which will give the US dollar added advantage. Currency traders should buy some far dated US dollar call options on any weakness while precious metal traders should buy some near dated put options as a hedge against any price fall. Crude oil, I am not a bull and expect it to top out soon.

Trading volumes will fall from today as Easter starts. However it’s still not a time to sleep for the day traders or jobbers. Bid – Ask Spreads in MCX as well as Comex are on the higher side which is giving nightmares to the jobbers as his stop losses get triggered very quickly. As long as volatility remains high, bid-ask spreads as bound to remain high.

GOLD -- APRIL FUTURE

Gold can near $930 in the short term and yet maintain the bullish trend. Short Term resistance between $1020 and $1032.

MCXARUN
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For intraday traders

G-1002.40
S-20.12
C.oil-104.82
INR-40.66
USD-71.27
1g -1335
E-1.5777
Y-97.24
P-2.0028
MCX
G-13107
S-26189
Cr-4240
Cu-332.80
*HI-CHOICE-10.45 AM*

we are sending like this to your mobiles in every 10 miniuts,
you can find where market is going on,and we will give support prices like USD and important currencies like euro & pound

(18.03.08)
Trend
Gold:
994.50-1008.80;
Resist:
1026.60;
Support:
973.20;
Silver:
19.56-20.48;
Resist;
21.14;
Support:
28.89;
*HI-CHOICE*

this is intraday trend you can find important resist and support here every day before 9.30Am you will get that.

This week
Trend
Gold:Pivot-990.80
973.80-1020.10;
Resist:
1037.10:
Support:
944.50;
Silver:Piv-20.30
19.65-21.36;
Resist;
22.01;
Support:
18.59;
*HI-CHOICE*

this is week trend here also you will get important resist and supports here
you will get every monday this trend

if you want this service in your mobile contact
9364112225
9364151621

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our trade

Account: 233443 Name: hichoice Currency: USD 2008 March 18, 12:35
Closed Transactions:
Ticket Open Time Type Lots Item Price S / L T / P Close Time Price Commission Taxes Swap Profit
2109507 2008.03.04 10:08 balance Deposit 10 000.00
2147246 2008.03.13 10:08 sell 1.00 ngapr8 10.050 0.000 0.000 2008.03.18 12:34 9.230 0.00 0.00 0.00 4 100.00
2166804 2008.03.18 12:34 buy 0.00 ngapr8 9.230 0.000 0.000 2008.03.18 12:34 9.230 0.00 0.00 0.00 0.00
0.00 0.00 0.00 4 100.00
Closed P/L: 4 100.00Open Trades:
Ticket Open Time Type Lots Item Price S / L T / P Price Commission Taxes Swap Profit
2147245 2008.03.13 10:07 sell 1.00 gold 987.00 0.00 0.00 1005.68 0.00 0.00 0.00 -1 868.00
2147243 2008.03.13 10:07 sell 1.00 simay8 20.400 0.000 0.000 20.281 0.00 0.00 0.00 595.00

0.00 0.00 0.00 -1 273.00
Floating P/L: -1 273.00
Working Orders:
Ticket Open Time Type Lots Item Price S / L T / P Market Price
No transactions

Summary:
Deposit/Withdrawal: 10 000.00 Credit Facility: 0.00
Closed Trade P/L: 4 100.00 Floating P/L: -1 273.00 Margin: 2 000.00
Balance: 14 100.00 Equity: 12 827.00 Free Margin: 10 827.00

4100$ profit in single trade in natural gas

mcxarun
9994500540

comex imp chart

click the pic to enlarge


click the pic to enlarge


MCXARUN
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Energy intraday

· Oil prices fell sharply Monday, pulling back at least temporarily from record levels as investors feared that the financial crisis that forced the sale of Bear Stearns Cos. is a sign of deep economic troubles.

· Crude's plunge came even as diesel prices rose to a new record above $4 a gallon, and gas prices remained high. Diesel, used to transport the vast majority of the nation's goods, rose 1.3 cents to a national average of $4.002 a gallon Monday, according to AAA and the Oil Price Information Service.

· The national average price of a gallon of gas, meanwhile, dipped slightly to $3.283 a gallon, but remains 73 cents higher than a year ago.

· Crude futures offer a hedge against a falling dollar, and oil futures bought and sold in dollars are more attractive to foreign investors when the dollar is weak. Interest rate cuts, and even the prospect of future cuts, tend to weaken the dollar further.

· But the mass selling Monday -- despite the Fed's Sunday rate cut, the prospect of another cut at the Fed's regular Tuesday meeting, and the fact that the dollar dropped to new lows against the euro on Monday -- could be a sign that the oil market's momentum has turned negative, analysts say.

· But it remains unclear whether Monday's price plunge marks the beginning of a longer decline, or a brief profit-taking retrenchment. If prices do fall, gas and diesel prices could follow.

· The drilling frenzy in North Dakota's oil patch has now reached beneath the state's biggest lake. Oil companies have begun tapping crude oil and gas underneath Lake Sakakawea, using advanced horizontal drill techniques. Lynn Helms, the director of the state Department of Mineral Resources, said it was a logical extension to the formation known as the Middle Bakken, which lies two miles under the surface in western North Dakota and holds millions of barrels of oil.

· Merrill Lynch upgraded the shares of a number of natural-gas service companies, citing expectations of higher nat-gas prices and an expansion of gas drilling activity by the second-half of the year.

· BP PLC said it has signed memorandum of understanding (MoU) with the regional refiner Irving Oil to work together on the next phase for the proposed Eider Rock Refinery project in eastern Canada.

· BP said it will contribute 40 mln usd to the project in St. John, New Brunswick and the two companies will investigate the possibility of forming a joint venture to build the refinery should they decide to proceed.

MCX Crude Oil April (Daily Chart)

Technical Outlook:

Momentum studies are bearish but are now at oversold levels and will tend to support reversal action if it occurs. The daily stochastics have crossed over down which is a bearish indication. The stochastics indicators are decreasing from overbought level, which is bearish and should support lower prices. The market's short-term trend is negative as the close remains below the 9-day EMA. The upside closing price reversal on the daily chart is somewhat positive.

Recommendations:

MCX Crude Oil April: Buy above 4235 Target 4290 and 4315 Stop loss 4185



MCX Natural gas April (Daily Chart)

Technical Outlook:

Momentum studies are bearish but are now at oversold levels and will tend to support reversal action if it occurs. The daily stochastics have crossed over down which is a bearish indication. The stochastics indicators are decreasing from overbought level, which is bearish and should support lower prices. The market's short-term trend is negative as the close remains below the 9-day EMA. The upside closing price reversal on the daily chart is somewhat positive.

Recommendations:

MCX Natural Gas April: Buy above 393 Target 399 and 405 Stop loss 386.50

MCXARUN

Basemetals intraday

· The UBS Bloomberg Constant Maturity Commodity Index fell 2.7 percent to 1,486.817 as of 2:30 p.m. in London, the biggest drop since Aug. 16. Coffee and sugar dropped more than 7 percent, the
most of any commodity futures. Before today, commodities had gained 20 percent this year.

· The New York Federal Reserve's manufacturing index fell from -11.7 to -22.2 in March, a new record low and a sign of further contraction.



LME Inventory update (17 March, 2008)

alumi 12950

coppe 275

nickel -174

lead 200

zinc -950

Major Headline:

· China, the world's largest consumer of aluminum, didn't increase imports or cut exports after snowstorms and rising power costs reduce production in the first two months of the year, Macquarie Group Ltd. said. China remained a net exporter of aluminum and alloys in January-February, the Australian bank's analysts said, citing provisional trade figures.

· Global supply and demand will be about equal this year, compared with a
glut of as much as 700,000 metric tons expected, Rio Tinto Group said March 13.

· China's imports of aluminum and alloys were 22,146 tons in February whereas exports were 39,678 tons, customs data showed. Production in China fell in the period after snowstorms damaged power grids and forced smelters to shut down.

· Copper fell to almost a one-month low in London, and aluminum and zinc also declined, on speculation that a two-month rally left metals prices no longer reflecting the outlook for supply and demand.

· Chile, the world's biggest copper producer, said the value of its exports of the metal jumped 33
percent in February. Exports rose to $3.01 billion from $2.26 billion a year earlier, the Chilean central bank said on its Web site today. Chile's government will report February production figures on March 31.

· The London Metal Exchange index tracking six industrial metals rose 26 percent in January and February and copper reached a record March 6. Refined copper and alloy imports by China, the world's largest user of the metal, fell 1.7 percent in the first two months, the Beijing-based customs office said today.

· Copper, which tracks global industrial production, has risen 23 percent this year as China's economy expands, stoking speculation that prices will rise for a seventh year. Hedge, index and pension funds increased investments in commodities including metals to hedge against a weaker dollar and inflation and to diversify as stock markets declined.

· Copper stockpiles on the LME rose for the first time since Feb. 25, expanding 275 tons, or 0.2 percent, to 125,500 tons.

· Including those monitored by the Shanghai Futures Exchange and the Comex division of the New York Mercantile Exchange, inventories totalled 198,139 tons, or 3.9 days of global
consumption. The average was 4.9 days last year.

· Zinc consumption lagged behind output in January, leaving a surplus as production from mines and smelters rose, the International Lead and Zinc Study Group said.

· Global consumption of zinc, used to galvanize steel, was 978,000 metric tons in the first month of the year, the Lisbon- based group said today on its Web site. Production of refined
metal was 1.005 million tons in the period, creating an oversupply of 27,000 tons, according to the organization.

· Zinc output from mines soared 15 percent in January. China, the world's largest miner, produced 317,000 tons for an increase of 28 percent. Colombia, where the San Cristobal lead and zinc mine started production last year, dug out 32,000 tons, compared with 14,000 tons in the corresponding period last year. Output from smelters advanced 5.7 percent from a year earlier.

· Zinc has gained 6.3 percent this year, the least among all metals traded on the London Metal Exchange, as supply growth limited gains. Stockpiles of the metal monitored by the exchange
have risen 39 percent this year.


MCX Copper April (Daily Chart)



Technical Outlook:

Momentum studies are bearish but are now at oversold levels and will tend to support reversal action if it occurs. The daily stochastics have crossed over down which is a bearish indication. The stochastics indicators are decreasing from overbought level, which is bearish and should support lower prices. The market's short-term trend is negative as the close remains below the 9-day EMA. The upside closing price reversal on the daily chart is somewhat positive.

Recommendations:MCX Copper April: Sell at 334 Target 328 and 324 Stop loss 338.50


MCX Zinc March (Daily Chart)



Technical Outlook:

Momentum studies are bearish but are now at oversold levels and will tend to support reversal action if it occurs. The daily stochastics have crossed over down which is a bearish indication. The stochastics indicators are decreasing from overbought level, which is bearish and should support lower prices. The market's short-term trend is negative as the close remains below the 9-day EMA. The upside closing price reversal on the daily chart is somewhat positive.

Recommendations:MCX Zinc March: Sell at 103 Target 98.60 and 96 Stop loss at 104.20



MCX Nickel March (Daily Chart)



Technical Outlook:

Momentum studies are bearish but are now at oversold levels and will tend to support reversal action if it occurs. The daily stochastics have crossed over down which is a bearish indication. The stochastics indicators are decreasing from overbought level, which is bearish and should support lower prices. The market's short-term trend is negative as the close remains below the 9-day EMA. The upside closing price reversal on the daily chart is somewhat positive.

Recommendations:MCX Nickel March: Sell at 1245 Target 1220 and 1205 Stop loss at 1267


MCX Lead Feb (Daily Chart)



Technical Outlook:

Momentum studies are bearish but are now at oversold levels and will tend to support reversal action if it occurs. The daily stochastics have crossed over down which is a bearish indication. The stochastics indicators are decreasing from overbought level, which is bearish and should support lower prices. The market's short-term trend is negative as the close remains below the 9-day EMA. The upside closing price reversal on the daily chart is somewhat positive.

Recommendations:MCX Lead March: Sell at 119 Target 116 and 114 Stop loss 120.20

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Bullion intraday

· Gold surged to a record $1,033.90 an ounce inNew York as credit-market losses and a weak dollar drove investors into the safety of the precious metal.

· The Federal Reserve cut the interest rate on direct loans to banks in an emergency meeting and stocks plunged worldwide after Bear Stearns Cos. accepted a buyout from JPMorgan Chase & Co. to avoid collapse. The dollar fell to $1.5903 against the euro, the lowest ever. Gold has jumped 21 percent this year as the Standard & Poor's 500 Index has fallen 13 percent.

· The Fed first reduced the so-called discount rate seven months ago from 6.25 percent as losses in the credit market mounted. After today's cut, the rate stands at 3.25 percent.

· Investment in the StreetTracks Gold Trust, the biggest exchange-traded fund backed by bullion, was at 653 metric tons as of March 14. It reached a record 655 metric tons on March 10.

· Policy makers also have reduced the federal-funds rate five times since Sept. 18 from 5.25 percent to 3 percent. Interest- rate futures show an 86 percent chance the Fed will reduce the benchmark overnight lending rate to 2 percent tomorrow, compared with a 14 percent chance a week ago. The dollar has fallen 11 percent against the euro since mid-September while gold has rallied 40 percent. Banks have posted more than $181 billion in writedowns and losses related to the subprime-mortgage crisis.

US Economy:

· Over the weekend, the Federal Reserve reduced the discount rate from 3.50% to 3.25%, but made no change to the federal funds rate. They also created at new lending facility to provide short-term liquidity to investment banks. The White House scheduled a meeting today to discuss the financial markets and the Federal Reserve's Open Market Committee meets tomorrow. The December eurodollars are trading higher.

· Bear Stearns shares closed at $30 after Friday's big drop, but over the weekend, JPMorgan bought the entire company for $2 per share with the approval of the U.S. government. Bear Stearns shareholders, understandably may not like the deal, but probably have no realistic alternative. That transaction will be debated for a long time. The June S&P 500 is steady to lower.

· The Federal Reserve said that industrial production was down .5% in February, weaker than expected and the biggest monthly drop since October.

· The New York Federal Reserve's manufacturing index fell from -11.7 to -22.2 in March, a new record low and a sign of further contraction.

Currency Update:

· StatisticsCanada said that factory sales were up 1.3% in January, helped by a 4.5% gain in auto sales.

· The June Japanese yen is trading sharply higher, benefitting from U.S. dollar woes andJapan's light exposure to the subprime mortgage mess.

MCX Gold Apr (Daily Chart)



Technical Outlook:

Momentum studies are bullish but are now at overbought levels and will tend to support reversal action if it occurs. The daily stochastics have crossed over up which is a bullish indication. The stochastics indicators are rising from oversold level, which is bullish and should support higher prices. The market's short-term trend is positive as the close remains above the 9-day moving average. The downside closing price reversal on the daily chart is somewhat negative.

Recommendations:

MCX Gold April: Buy above 13165 Target 13230 and 13260 Stop loss at 13115


MCX Silver May (Daily Chart)



Technical Outlook:

Momentum studies are bullish but are now at overbought levels and will tend to support reversal action if it occurs. The daily stochastics have crossed over up which is a bullish indication. The stochastics indicators are rising from oversold level, which is bullish and should support higher prices. The market's short-term trend is positive as the close remains above the 9-day moving average. The downside closing price reversal on the daily chart is somewhat negative.

Recommendations:

MCX Silver May: Buy above 26300 Target 26650 and 26850 Stop loss 26115

MCXARUN
9994500540