GOLD:-Last week gold made the low of 1564.70& high of 1631 against our estimate of 1544& 1632 respectively & it followed our high probability trajectory.Now we see increased (65%)probability that it will make one more new low below 1522 but not below 1475 in any case. As a balance 35% probability it may cross 1642 & head towards the resistance zone 1715-1725.For the coming week we see 1592-1642 as the trading range, 1715-1725 as resistance & 1475-1485 as support.  We recommend going short gold on breach of 1592 with the stop of 1625 for the target range of 1475-1485. In rupee terms sell FEB 2012FUT MCX on breach of 27525 with the stop of 27800 for the target range of 26100-26200.

SILVER:-Last week silver made the high of 29.749& low of 27.806 against the estimation of 30.00& 27.00 respectively as our high probable trajectory. Now we see increased probability (75%) of it making a nominal new low below 26.10 in 25.90-26.10 range.For the coming week we see 28.50-29.80 as the trading range, support at 25.90-26.10& 30.70-31.00 as resistance. We recommend going short on breach of 28.40 with the stop placed at 29.00 for the target of 25.90-26.10. In rupee terms sell MARCH 2012 MCX FUTUREon breach of 51540 with the stop of 52300 for the target below 48500 & lower.

CRUDE:-Last week it made the high of 103.74&low of 99.65 against our estimate of 104.00&98.50 respectively.For the coming week we see 100.85-102.80 as the trading range & supports at 99.00-99.50 & 97.00-97.50.We are neutral on it & see the resistances at 104.5-105.0.We recommend going longshort on breach of 100.85 with the stop of 101.50 for the target of 99.00 & lower. In rupee terms sell on breach of 5325 with the stop of 5375 for the targets of 5250& lower in JAN 2012 FUT MCX.

NATURALGAS:-Natural gas made the high of 3123& low of 2936against the estimate of 3180 & 2880.In our view in 90% probability it has formed the bottom at 2936 & as a balance 10% it may form a nominally  new low below 2936  but not below 2810.For the coming week we see   2950-3120 as the trading range& resistance at 3200-3220 & support at 2810-2840.We recommend buyingaround 2900 with the stop of 2875 or on cross above of 3120 for the target of 3200& 3500.In rupee terms go long around 158 with the stop of 155 for the targets of 172 & above for JAN 2012 FUT MCX?

COPPER:-Last week copper made the high of 7790& low of 7449 against the expectation of 7870& 7400 respectively. For the coming week we are distinctly bearish & see 7625-7675 as resistance. Downward we see support at 7150-7200&6950-7000.We recommend going shortabove 7600with the stop of 7700for the targets of 7200 & 7000. In rupee terms sell around 404 with the stop of 407 for the target of 395 & 387 in FEB 2012 FUT MCX.

LEAD:-Last week it made the high of 2100& low of 1955 against the estimation of 2065 & 1920 respectively. For the coming week we see resistance at 2020-2040& initial support at 1900-1920.The breach below 1920will lead to retest of 1780-1800. We recommend going short around 2030 with the stop of 2050 for the targets of 1920 &1800. In rupee terms go short around105.5 with the stop of 106.5 for the targets of 101& 96.50 in the JAN 2012 MCX FUT.

NICKEL:-Nickel has made the high of 18950&low of 18331 against the estimate of 18900& 18300 respectively. In our view it formed the intermediate bottom at 16550 & rally to 20000 is on cards in next week. For the week we see initial support at 18300-18400 & resistance at 19700-19900.Thereafter we see steep fall to find the support at 17400-17600. We recommend a buy around 18600 with the stop of 18300  for the target of 19700-19900.In rupee terms buy around 985 with the stop 970 for the target of 1020& above in JAN 2012 FUT MCX .

ZINC:-ZINChas made the low of 1824,high of 1900 & closed at 1853.  It has formed the inverted flag & about tobreak downside of it. For the week we see resistance at 1910-1920& initial support at 1750-1760 & breach of this support will lead to test the lower support at 1660-1670.We recommend going short around 1900 with the stop of 1920 for the target of 1750& 1660. In rupee terms sell around 100 with the stop of 101.50 for the target of 94.50& 90.75 for JAN 2011 FUT AT MCX.

ALUMINIUM:-Last week it made the low of 2016, high of 2087 & closed at 2069. In our view it will make a one more new low around 1920-1940 to terminate the current down wave. For the week we see support at 1920-1940 & initial resistance at 2140-2160.However we would draw the attention that once the low is formed a vertical rise is expected.  We recommend going long at 1940 with the stop of 1920 for the target of 2140-2160 in next 2-3 weeks. In rupee terms buy around 105with the stop of 103.5 for the target of 109.00&higherfor JAN 2011 FUT MCX.