UPDATES ON JULY 16 2008

JULY 16 WEDNESDAY

SHORT TERM TREND : SIDEWAYS: TARGET RS 26120 TO 27060

LONG TERM TREND : BULLISH: TARGET RS 27300

S1 RS 26310, S2 RS 26140, S3 RS 25860

R1 RS 26670, R2 RS 26840, R3 RS 27060

MARKET IS EXPECTED TO MOVE SIDEWAYS.

September silver fell 24 cents to $19.01 an ounce .

Earlier, gold rose to an intraday high of $988.60 an ounce

and fell to an intraday low of $969.30.

Crude futures closed down more than $6 a barrel, the biggest

daily drop in more than 17 years, as concerns that slowing

economic growth will dampen oil demand triggered a broad

sell-off in energy commodities.

Crude futures for August delivery ended at $138.74 a barrel

on the Nymex, down 4.4%, or $6.44, the biggest one-day

drop in price for a front-month contract since January, 1991.

Earlier, the contract slumped $9.26, or 6.3%, to an intraday

low of $135.92.

The dollar got some support from falling crude-oil futures

but remained under pressure Tuesday, retreating after

Bernanke cited downside risks to economic growth in a

speech that followed a spate of lackluster data. The dollar

dropped to a new low against the euro earlier, before

Bernanke spoke on Capitol Hill.