GOLD:- Gold  opened at 1428.50 & made the low of 1410.1.It then made the high of 1441 & closed at 1428.90.In our view it has formed the top at 1448.60(90% probability) or make a nominal high above 1448.60.Even then being terminal wave we would keep our normal & undershoot target in mind till it breaches 1380. We recommend going long gold at 1425 with the stop of 1410 for the target range of 1448-1455. In rupee terms buy  2011 FUT MCX at  20850 with the stop of 20800 for the target of 21300.

SILVER:- Last week silver made the high of 37.98 & low of 36.435 & diminished the chances of normal & overshoot targets We are of the view that in 70% probability it will top out at 38.40-38.50 only as the balance 30% it may attempt  for normal target in the 39.00-39.10 range.   Breach below the 37.05 will further cut short the upward target.We recommend long  around 37.30 with the stop placed at 37.05 for the  target  zone of 38.50-38.60. In rupee terms buy MAY 2011 MCX FUTURE 55700 with the stop of 55300  for the target zone of 56500-56750.

CRUDE:-Last week it  made the high of 108.23 against our estimated normal target  of 108.00.In our view it will find support at 106.25  & as long as it remains above 106.25 attempt to cross 108.9 during the early part of the week & terminate a larger pattern & commence downward correction. We recommend going short on any rally  around 110 with stop of 112.00  or on breach of 106 for the  target  of 100.In rupee terms sell above  4920 with the stop of 4975 or on breach of 4640 for the  targets of 4460 & lower   in April 2011 FUT MCX.

NATURALGAS:-Last week it preferred to consolidate than to move north.It is consolidating in the 4480-4200 range. It is bullish & we  still maintain our upward target to 4640.We recommend holding long position  of 4100 with the stop of 4150 for the target of 4640. In rupee terms hold 186 long position with the stop of 194 for the targets of 206 & higher  for APRIL 2011 FUT MCX.

COPPER:-Copper has made the high of 443.15 & low of 421.20 against our estimate of 445 & 427 respectively  last week. We are looking for the bounce in the 428-435 zone.We recommend selling short  around 430 with the tight stop of 436 for the target of 409 .In rupee terms sell at  428 with the stop 434 for the target of 412 & lower in APRIL 2011 FUTURE AT MCX.

LEAD:- Last week it preferred to consolidate sideways & confirmed our last week expectation that there should   make one more   high above 2747 & that may be in & around 2870. We recommend the short position either above 2800 or on breach of 2620 with the stop of 2875 for the target of 2450. In rupee terms sell at 127   or on breach of 119.85 with the  appropriate stop   for the target of 112 or lower in APRIL 2011 MCX FUTURE.

NICKEL:- Nickel was down open to close last week & met our target & exceeded. We are bullish on it & see it heading for the 29000 retest. We recommend long  position at 25600 with the stop of 24800 for the target of 29000.In rupee terms buy  at 1150 with the stop of 1130 for the target of 1180,1205 & 1230  in APRIL 2011 MCX FUTURE.

ZINC:- ZINC has shown some bullishness. However this is not good enough for buy call & we would refrain from giving any call on this.