UPDATES ON SEPT 30 2008

SEPT 30 TUESDAY

SHORT TERM TREND : BULLISH

LONG TERM TREND : BULLISH

S1 RS 20860 , S2 RS 20560

R1 RS 21160 , R2 RS 21120

WAIT FOR CONFIRMATION.

Silver for immediate delivery was little changed at $13.11 an ounce.

Silver is still in a bearish trend where gold has broken

bullish.While silver remains below the August

high bounce of 14.02.

Bullions are supported as financial sector turmoil

and weakness on the equity market spark safe

haven buying but gains are capped by a firmer dollar

and losses in oil.

UPDATES ON SEPT 29 2008

SEPT 29 MONDAY

SHORT TERM TREND ; BULLISH

LONG TERM TREND : BULLISH

S1 RS 20870 , S2 RS 20660

R1 RS 21280 , R2 RS 21460

STAY LONG.

UPDATE

UPDATE FOR 26 SEPTEMBER


Silver futures for December delivery climbed 19.5 cents

, or 1.5 percent, to $13.47 an ounce.

Market Alert on Sept 26 Friday 10.21 PM Indan Standard Time

MCX Dec Silver trading near intraday support Rs 21000.

If prices sustains below these levels may test further

support of Rs 20 870 and Rs 20660.

UPDATES ON SEPT 26 2008

SEPT 26 FRIDAY

SHORT TERM TREND : SIDEWAYS

LONG TERM TREND : BULLISH

S1 RS 20560 , S2 RS 20430

R1 RS 20830 , R2 RS 21060

WAIT FOR CONFIRMATION.

Silver tracked gold through out the day.

The metal rallied from $ 13.04 to $ 13.66 through out

the Asian and London sessions. Prices then slipped in

New York closing at $ 13.35.

The support is at $ 13.15 and then the next support at

$ 12.90 and then $ 12,40.

Primary Resistence is at $ 13.65 and secondary Resistence

at $ 13.90.

Market Alert on Sept 25 Thursday 9.50 PM Indian Standard Time

MCX OCT and DEC Silver trading at support Rs 12830

and Rs 20640.

If market sustains below these levels may test Rs 12770

and Rs 12650 and 20480/20220.

UPDATES ON SEPT 25 2008

SEPT 25 THURSDAY

SHORT TERM TREND : BULLISH

LONG TERM TREND : BULLISH

S1 RS 20710 , S2 RS 20480

R1 RS 21040 , R2 RS 21280

STAY LONG.

Silver futures for December delivery climbed 27 cents, or 2.1

percent, to $13.44 an ounce. The metal still has fallen

9.9 percent this year.

The plan to rescue the U.S. banking system will erode the

appeal of U.S. Treasuries and drive down the dollar, analysts

said. Investors outside the U.S. own 56 percent of the $4.8

trillion in marketable Treasuries outstanding, up from

42 percent of the $3.4 trillion five years ago, according

to data compiled by the government.

Compared to the volatility seen last week the metal

is looking calmer .

UPDATES ON SEPT 24 2008

SEPT 24 WEDNESDAY

SHORT TERM TREND : SIDEWAYS

LONG TERM TREND : BULLISH

S1 RS 20260 , S2 RS 20010

R1 RS 20640 , R2 RS 20950

WAIT FOR CONFIRMATION.

Silver tracked gold lower, slipping 2.5 percent to a session low

of $13.07 an ounce. Spot was last quoted at $13.24/13.32

an ounce, down 1.2 percent against $13.40 on Monday.

The top side resistence is seen at $ 13.82 and then at

$ 14.02 , the highs of last August..The gold / silver ratio

was movimg up when metals were falling .Now that the

metals are increasing we are seeing the gold / silver ratio

falling.

Silver moved higher in line with higher crude prices

at $ 110 and a weaker dollar.

UPDATES ON SEPT 23 2008

SEPT 23 TUESDAY

SHORT TERM TREND : BULLISH

LONG TERM TREND : BULLISH

S1 RS 20560 , S2 RS 20380

R1 RS 20840 , R2 RS 21060

TRADING CALL

BUY AT RS 20540 TO 20560

STOP LOSS RS 20380

TARGET RS 20840

Silver for immediate delivery added 1.3 percent to $13.62 an ounce.

Spot gold traded at $890.20/892.20 an ounce at 1427 GMT,

up from $871.15 an ounce at the nominal New York close on

Friday. Earlier it touched a session high of $894.10.

Silver tracked gold higher, rising 6.5 percent to a high of $13.37

an ounce before settling back to trade at $13.29/13.37, against

$12.55 at the nominal New York close last session.

The dollar weakened broadly as the U.S. government's plan to

bail out the troubled financial sector raised new concerns over

the country's budget deficit.

The U.S. currency fell nearly 1 percent to a three-week low

against the euro as traders worried about the financial crisis.

Investors are awaiting details of the plan, aimed at mopping up

toxic mortgage debt. Uncertainty over the project is boosting

gold's appeal as a haven from risk.

Stock markets weakened again on Monday, with the U.S. equities

falling more than 1 percent on fears over the government's

rescue plan. European shares also slipped.

UPDATES ON SEPT 22 2008

SEPT 22 MONDAY

TECHNICAL LEVELS.

SHORT TERM TREND : BULLISH

LONG TERM TREND ; BULLISH

S1 RS 19400, S2 RS 19150

R1 19850 , R2 RS 20300

WAIT FOR CONFIRMATION.

UPDATES ON SEPT 20 2008

SEPT 20 SATURDAY

Spot silver was at $12.44/12.49 an ounce, up from $11.84 and

a touch off itssession high of $12.51.

Bullion prices rallied on Friday as fears aboutthe outlook for

financial markets resurfaced, sending gold prices more than

2 percent higher and silver up more than 5 percent.

UPDATES ON SEPT 19 2008

SEPT 19 FRIDAY

SHORT TERM TREND : BULLISH

S1 RS 20180 , S2 RS 19760

R1 RS 20580 , R2 RS 20880

WAIT FOR CONFIRMATION.

December silver surged 9% to $12.70 an ounce.

Silver; in percentage terms it managed a 14 percent

rise of nearly $1.50 - said to be the highest intra-day

increase in around 30 years.

Technical factors (chart breakots and computerised tades)

and short covering are also said to be contributors to

the inordinately rapid rise in price.

The precious metals prices have recently been influenced by the stock

markets although now appear to be more influenced by the Crude Oil

market which is now trading near $97, still below its high of last

month near $144. A sustained rise in the Crude Oil will likely

be bullish for the precious metals although a decline in the

Crude Oil would tend to be bearish for the precious metals -

this may be what is happening now as Crude Oil is near

the lowest price in 5 months..

The U.S. dollar was trading lower against the euro and the British

pound Thursday, but higher against the Japanese yen.

UPDATES ON SEPT 18 2008

SEPT 18 THURSDAY

SHORT TERM TREND : BULLISH

LONG TERM TREND: BEARISH

S1 RS 19280 , S2 RS 18860

R1 RS 19580 , R2 RS 19980

WAIT FOR CONFIRMATION.

Silver fixes higher, gold climbs in Europe on AIG rescue .

Silver fixes at 1077.00 cents, below its previous fix of

1088.00 cents.

Spot silver gains 32 cents from its nominal close in

New York on Tuesday at $10.76/10.81 an ounce.

Gold gained $2.65 to $780.60/781.70 an ounce.

Bullion higher in tandem with other commodities as the U.S.

Federal Reserve's rescue of troubled insurer American

International Group (AIG) gave battered financial markets a bit

of a respite.

UPDATES ON SEPT 18 2008

SEPT 18 THURSDAY

SHORT TERM TREND : BULLISH

LONG TERM TREND : BEARISH

S1 RS 19280 , S2 RS 18860

R1 RS 19580 , R2 RS 19980

WAIT FOR CONFIRMATION.

TECHNICALS

TECHNICAL LEVELS FOR SEPTEMBER 17

MCX SILVER DECEMBER

SHORT TERM TREND : SIDEWAYS

LONG TERM TREND : BEARISH

SUPPORTS : S1- RS.17680, S2- RS.17460

RESISTANCES : R1 - RS.18040, R 2 - RS.18320

WAIT FOR CONFIRMATION

UPDATES ON SEPT 16 2008

SEPT 16 TUESDAY

SHORT TERM TREND : BEARISH

LONG TERM TREND : BEARISH

S1 RS 17660 , S2 RS 17260

R1 RS 18280 , R2 RS 18420

STAY SHORT.

Silver for immediate delivery fell 1.8 percent to $10.93 an ounce.

Gold fell for the first day in three as some investors sold the

precious metal to raise cash after U.S. stocks tumbled on

increased speculation that credit- market losses and the

economic slowdown will worsen.

The dollar traded near a two-month low against the yen on

speculation the Federal Reserve will cut the target lending

rate today after Lehman filed for bankrupcy.

UPDATE

MARKET UPDATE AT 11 AM, SEPTEMBER 15

Silver gained 2.6 percent to $11.11. News that talks to rescue

Lehman Brothers Holdings faltered, fuelled concerns about the

stability of the U.S. financial system and sparking talk of a possible

rate cut there, boosting gold's safe-haven appeal.

TECHNICALS

TECHNICAL LEVELS FOR SEPTEMBER 15

SILVER MCX DECEMBER

SHORT TERM TREND : SIDEWAYS TO HIGHER

LONG TERM TREND : BEARISH

SUPPORTS : S1 - RS. 18380, S 2 - RS.17390

RESISTANCES : R1 - RS.18680,,R2 - RS.18980.

WAIT FOR CONFIRMATION.

MARKET UPDATE

MARKET UPDATE

Silver futures for December delivery gained 24 cents, or 2.3 percent, to $10.795 an ounce. The metal still dropped 12 percent this week.

Precious metals will rise once the dollar's rally stalls, analysts at Deutsche

Bank AG said in a report.

``Precious metals may be the first of the five broad commodity markets

that might stabilize from the extreme correction that has occurred in

the second half,'' the bank said. ``This reflects the possibility that dollar

strength will start to fade as we enter into the fourth quarter. We

recommend relative value plays such as long silver versus short gold.''

Silver's losses have outpaced gold's this year on speculation a global

slowdown will reduce demand for raw materials. The metal, which has

wider industrial applications than gold, is down 28 percent this year.

UPDATES ON SEPT 12 2008

SEPT 12 FRIDAY
MCX SILVER DECEMBER

SHORT TERM TREND - BEARISH

LONG TERM TREND - BEARISH

SUPPORT 1- 17670

SUPPORT 2- 17430

RESISTANCE1- 18080

RESISTANCE 2 -18270

Silver for December delivery fell 3% to $10.56 an ounce.

Gold futures fell for a ninth session Thursday, logging the longest

losing streak in eight years and breaking through the

psychologically important level of $750 an ounce, as the U.S.

dollar rose to the highest level against the euro in one year.

A stronger greenback tends to push down dollar-denominated

gold prices as it makes gold less appealing as an alternative

investment.

UPDATE

MARKET UPDATE FOR 10 SEPTEMBER

Silver futures for December delivery plummeted 82.5 cents, or

7 percent, to $10.89 an ounce. Earlier, the price touched $10.81,

the lowest since Oct. 5, 2006.

Silver has fallen 27 percent this year, while gold has dropped 9 percent.

The declines today were the biggest since Aug. 15.

Investment in the SPDR Gold Trust, the biggest exchange- traded

fund backed by bullion, has fallen 11 percent to 631.2 metric

tons from a record 705.6 tons on July 11.

UPDATES ON SEPT 10 2008

SEPT 10 WEDNESDAY

SHORT TERM TREND : BEARISH

LONG TERM TREND : BEARISH

S1 RS 18740 , S2 RS 18330

R1 RS 18950 , R2 RS 19360

SELL AT RS 18960

STOP LOSS RS 19260

TARGET RS 18540

Silver was at $ 12.02 /12.08 from
$ 12.05/12.11.

Gold came under pressure on Tuesday , struggling

to stay above $ 800 , an ounce le3vel due to a strong

dollar , but robust physical s\demand capped losses.

Crude oil fell to a 5 month low as the Saudi Arabian

and Venezuelan oil ministers signalled that OPEC

may maintain production level when it meets

in Vienna.

UPDATES ON SEPT 9 2008

SEPT 9 TUESDAY

SHORT TERM TREND : BEARISH

LONG TERM TREND : BEARISH

S1 RS 19020 , S2 RS 18730

R1 RS 19350 , R2 RS 19660

STAY SHORT.

Silver for December delivery fell 2.5% to $12.06 an ounce.

Gold for December delivery fell 30 cents to end at $802.50 an

ounce on the Comex division of the New York Mercantile

Exchange. The precious metal has lost $32.70 an ounce in

the past three sessions.

The dollar rose to the highest in one year against the euro. It

also jumped to the strongest against the British pound in more

than two years. A stronger dollar tends to push down dollar-

denominated commodities prices.

In spot trading, the London gold fixing prices, used as a benchmark

for immediate gold delivery, stood at $808 an ounce Monday

afternoon, up $1.50 from Monday morning. Silver fixing stood

at $12.38 an ounce, down 34 cents from the previous session.

UPDATES ON SEPT 6 2008

SEPT 6 SATURDAY

December silver fell by 4.7% to $12.33 an ounce.

Gold futures fell Friday for a fifth session, extending the precious

metal's weekly losses to more than $30, as falling crude-oil

prices reduced gold's appeal as a hedge against inflation.

Falling crude-oil prices tend to ease inflation concerns and reduce

demand for gold as a hedge against rising prices.

After rising to the highest level this year against the euro in

the previous session, the dollar weakened Friday as government

data showed the U.S. unemployment rate soared to 6.1% in

August, the highest rate in nearly five years.

UPDATES ON SEPT 5 2008

SEPT 5 FRIDAY

SHORT TERM TREND : BEARISH

LONG TERM TREND : BEARISH

S1 RS 19740 , S2 RS 19520

R1 RS 20080 , R2 20260

SELL AT 20080 TO 20100

STOP LOSS RS 20280

TARGET RS 19740

Silver slipped to $12.74/12.80 an ounce from $12.84/12.97 an ounce.



Gold slipped back below $800 an ounce on Thursday as



the dollar resumed its climb against the euro and oil



prices dropped more than $1 a barrel on fears



of weak demand.



Weaker oil prices weighed on sentiment, with gold's appeal



as an inflation hedge diminished as crude prices finished



more than $1 a barrel lower.



The dollar's rally has reduced gold's appeal to investors as



a hedge against weakness in the U.S currency, with



bullion prices down from $980 an ounce seen when



the dollar hit its all-time low against the euro back



in mid-July.

UPDATES ON SEPT 4 2008

SEPT 4 THURSDAY

SHORT TERM TREND : BEARISH

LONG TERM TREND : BEARISH

S1 RS 19840 , S2 RS 19610

R1 RS 20280 , R2 RS 20560

SELL AT RS 20270 TO 20280

STOP LOSS RS 20560

TARGET RS 19840.

Support for Silver is at $ 13.24 and $ 13.11

and $ 12.77 as possibilities.Primary resistence

is at $ 13.57 with secondary resistence at $13.77.

UPDATES ON SEPT 3 2008

SEPT 3 WEDNESDAY

Silver tracked gold lower to $ 13.20 / 13.36 an

ounce from $ 13.40 / 13.46 an ounce late in

London.

Gold crossed below $800 an ounce and closed sharply lower

on Tuesday. December gold moved to $810.50, down $24.70

on the session. The precious metal hit as low as $798.50.

The U.S. dollar showed a mixed trading against its major

counterparts in the early New York session on Friday,

following the release of personal income and personal

spending reports for July. The dollar dropped to a 1-week

low against the yen, but added to its two-year best versus

the struggling pound. The greenback was up modestly

against the euro.

On the economic front Tuesday morning, the Department of

Commerce released its report on construction spending in

the month of July, showing that spending decreased by a

little more than economists had been expecting due in part

to a continued weakness in spending on residential construction.

The report showed that construction spending fell 0.6 percent

in July following a revised 0.3 percent increase in June.

Economists had been expecting to decrease by about

0.4 percent, which would have matched the 0.4 percent

decrease originally reported for the previous month.

Later in the week, traders are likely to keep a particularly

close eye on the Labor Department's monthly employment,

set for release on Friday.

UPDATES ON SEPT 2 2008

SEPT 2 TUESDAY

SHORT TERM TREND : BEARISH

LONG TERM TREND : BEARISH

S1 RS 19900, 19660

R1 RS 20180, R2 RS 20340

SELL AT RS 20160 TO 20170

STOP LOSS RS 20380

TARGET RS 19700


Silver $13.43/13.49 anounce from $13.58/13.68

an ounce late in New York.

Trade thin as the U.S. markets shut for Labor Day.

Oil down as Gustav shows no sign of strengthening.

Dollar's rise puts on further pressure.

Gold fell on Monday as hopesHurricane Gustav would

do less damage than first feared to theLouisiana coast

bolstered the dollar and pressured oil prices.

Platinum tumbled almost 4 percent as poor car sales and a

slowing U.S. economy weighed on the metal, which has fallen

nearly 40 percent since hitting a lifetime high of $2,290 an

ounce in March.

Oil fell by almost $3 a barrel as Hurricane Gustav weakened

shortly before making landfall. The hurricane has forced the

shutdown of nine refineries and nearly all U.S. Gulf of Mexico

oil production.

The U.S. dollar index rose to a year high, lessening the

appeal of gold as an alternative to the dollar and making the

metal more expensive for local currency holders.