UPDATE

UPDATE AT 12 NOON ON OCTOBER 1

Mcx Dec Gold trading near crucial support level 13260.

if sustain below these levels, may induce further bearish

momentum, next support seen at 13180.

UPDATES ON OCTOBER 1 2008

OCT 1 WEDNESDAY

Precious metals slip as dollar firms up.

Gold slipped by more than 2 % on Tuesday as a

firmer dollar and a calmer tone to stocks encouraged

profit taking while the other precious metals tumbled

in its wake.

Gold dropped away from a two-month high on Tuesday,

returning some of the sharp gains it saw in the previous

session. December gold ended at $880.80, down $13.60 for

the session. Earlier, prices hit as high as $920.20 in

overnight moves.

Market watchers are showing they are optimistic a new rescue

bill can be passed later this week. This comes a day after a $700

billion relief bill was voted down on Monday, causing

unprecedented losses for the markets. As investors turned to

gold as a safety outlet, the precious metal moved as high as

$932 in overnight trading.

Gold closed higher on Monday and then surged in post-market

trading after the House failed to get the necessary 218 votes to

pass the rescue plan. December gold closed at $894.40 an ounce,

up $5.90 on the session. After the metal markets closed, gold

moved as high as $915.30 as traders flocked to the safety option.

UPDATE

UPDATE AT 8.30 PM

Mcx Dec Gold and Dec Silver breached intraday

supports ; 13310 and 20330 , if prices sustain

below these levels , may test further supports

13180 and 20040.

UPDATE

GOLD UPDATE AT 7.30 PM ON SEPTEMBER 29

GOLD UPDATE AT 7.30 PM ON SEPTEMBER 29

Spot Gold near crucial resistance : USD 910 to 911.

if prices sustain above these levels, may test further

resistance ; USD 926.Mcx Oct Gold : 13630 , and 13770.

SILVER UPDATE

SILVER TECHNICAL LEVELS FOR 29 SEPTEMBER

SHORT TERM TREND ; BULLISH

LONG TERM TREND : BULLISH

S1 RS 20870 , S2 RS 20660R1 RS 21280 , R2 RS 21460

STAY LONG.

UPDATE

UPDATE ON 29 SEPTEMBER

SHORT TERM TREND : BULLISH

LONG TERM TREND : BULLISH

S1 RS 13110 , S2 RS 13035R1 RS 13245 , R2 RS 13310

STAY LONG.

While negative sentiments pressured metal marketlower ,

gold proved to be an exception with largesafe haven buying

that bolstered prices.In the London Metal Exchange the yellow

metalclimbed 1.5 % to $ 902 an ounce as investorssough a safe

haven amidst uncertainities.Clearly the gold market is sure to

tango with the movement of the green back via - a - vis the

Euro.The question is whether the $ 700 billion bail out package

would widen the fiscal deficit therby enervate the dollaror whether

it would assure long term US financialstability which will prove

positive for the currency.Investor intrest is the key given that

there is little change in the underlying demand - supply fundamentals.