UPDATES ON JULY 30 2008

JULY 30 WEDNESDAY

SHORT TERM TREND : BEARISH : TARGET RS 23860

LONG TERM TREND : BULLISH: TARGET RS 29000

S1 RS 24040, S2 RS 23860, S3 RS 23630

R1 RS 24470, R2 RS 24675, R3 RS 24880

PREFER SHORT AT RS 24450 TO 24470

STOP LOSS RS 24675

TARGET RS 24040

Silver fell to $17.35/17.41 an ounce from $17.46/17.52

late in New York on Monday.

U.S. gold futures for August delivery settled down $11.20,

or 1.2 percent, at $916.50 an ounce on the COMEX division

of New York Mercantile Exchange.

Gold traders awaited release of U.S. economic data this week,

including GDP numbers on Thursday and nonfarm payrolls,

construction spending and auto sales data on Friday.

These reports could have a significant impact on the dollar.

Traders also looked ahead to Wednesday's oil inventory

data from the U.S. Department of Energy.

The dollar rose to its highest level in a month against

major currencies .DXY, pressuring bullion prices.

Gold tends to move in the opposite direction of

the U.S. currency, as it is often bought as an

alternative investment.