GOLD:- Gold has broken our support zone of 14114-1404  & made the low of 1380.70.In our view it is  the waning momentum (weakness)in terminal wave. This has enhanced the probability of the undershoot target from 60% to 80% though we can't totally rule out the normal & overshoot targets. We recommend going long gold on any decline to 1418 with the stop of 1402 for the target range of 1445-1455. In rupee terms buy APRIL 2011 FUT MCX at any decline  around 20840 with the stop of 20725 for the target in the range of 21245-21475.

SILVER:- Last week silver breached the support of 34.05 & made the low of 33.5650.It is the sign of fatigue  in blow off mode of rise & as the terminal wave most likely undershot with the enhanced assigned probability of 65%. However we will not absolutely negate the normal & overshoot target. We recommend buying  around 34.85- with the stop placed at 34.60 for the  target  zone of 37.75-37.95. In rupee terms buy MAY 2011 MCX FUTURE 53100 with the stop of 52600  for the target zone of 56300-56750.

CRUDE:-Last week it went below our support level of 99.00 & made the low of 96.22. In our view it is in   blow off rise & ideally should  make one more  high above 106.95.We recommend going long on any decline around 101.5 with stop of 100.00 for the  target zone of 108-113.In rupee terms buy around  4620 with the stop of 4575 for the  targets of 4835 & above   in April 2011 FUT MCX.

NATURALGAS:-Last week it made the low of 3800 & high of 4198.It has crossed the upper boundry of our target zone 4080-4160 & this is bullish signal. We recommend long position  at 4100 with the stop of 4020 for the target range of  4380-4460. In rupee terms buy at 186 with the stop of 183 for the targets of 199 & higher  for MARCH 2011 FUT MCX.

COPPER:-Copper has made the high of 437.60 & 407.60 last week. This was a quite strong pull back against the backdrop of our bearish outlook.Our outlook is still bearish but we see this pull back rally extending bit more to 444.We recommend contra-trend long at 434 with the tight stop of 431 for the target of 444.In rupee terms buy below 435 with the stop 431 for the target of 446 in APRIL 2011 FUTURE AT MCX.

LEAD:- Contrary to our expectations of bearish view it moved north way during the whole of the week. In our view one more move above the 2740 to 2870 is very likely. We recommend the long position at any decline to around 2625 with the stop of 2600 for the target of 2870. In rupee terms buy at 120  with the stop of 118  for the target of 128 or higher in MARCH 2011 MCX FUTURE.

NICKEL:- Nickel has  made the high of 26800 & low of 24675.This was exactly on our estimated line.  We recommend long position at 26500 with the stop of 25900 for the target of 20000.In rupee terms buy at 1185with the stop of 1175 for the target of 1280 & 1320 in March 2011 MCX FUTURE.

ZINC:- ZINC has show much more weakness & last week it just moved sideways. However we are looking for the one more new low below 2229.Under such contrived conditions we would like to skip giving any call.  

ALUMINIUM:-Aluminium  has competed the five wave pattern on the upside & declined to 2452 & reversed in last two days. It may make an attempt to retest the top of 2628.Under such fluid conditions it is prudent to skip the calls.