Market Commentary

Ø Gold opened a little higher at 1687/1688. Early morning bullishness from good housing data and gains in equities had gold reach an intraday high of 1696.75/1697.75 just ahead of the P.M. fix. Profit taking as equities retreated coupled with gains in the dollar took the metal to an intraday low of 1680/1681 mid session. Staying near the lower end of the range for the remainder of the day, gold eventually closed the session at 1685/1686

Ø Silver opened almost unchanged at 32.77/32.82. Gaining alongside an early morning rise in base metals and crude, silver eventually reached an intraday high of 33.11/33.16 mid morning. Profit taking quickly took the metal lower with it eventually reaching an intraday low of 32.57/32.62. Silver ended the session soon after at 32.61/32.66

Technical Commentary

Ø Gold closed close to unchanged today at 1685. Support sits at 1656, the 50% retracement of the December to February up-trend. Resistance is at the last interim top, 1717 and a close above that level would bring in more buyers.

Ø Silver closed slightly lower at 32.66. For the past few weeks, silver has traded sideways with 33.15 providing resistance – this is the 38.2% Fibonacci retracement of the December to February up-trend. We would need to close up through this resistance to turn from short-term neutral to bullish. Support is at 31.11, the last interim low. The Gold-Silver ratio is trading higher at 51.7.

Technical levels for 28^th Mar, 2012:

Metal	Support ($/oz)	Resistance ($/oz)
Gold	1,671.59	1,694.64
Silver	32.330	33.030

Economic Calendar:

Date	Economic Indicator	Country	Actual	Forecast	Previous	Effect & Remarks
28th Mar	Core Durable Goods Orders m/m	USD	Pending at 8:30am	1.6%	-3.0%	If Actual > Forecast = Good for currency. Change in the total value of new purchase orders placed with manufacturers for durable goods, excluding transportation items.
27th Mar	CB Consumer Confidence	USD	70.2	70.3	70.8	As Actual < Forecast =Not Good for currency. Level of a composite index based on surveyed households has Decreased.

Disclaimer:

This report contains the opinion of the author, which is not to be construed as investment advices. The author, Directors, other employees of RiddiSiddhi Bullions Ltd. and its affiliates cannot be held responsible for the accuracy of the information presented herein or for the results of the positions taken based on the opinions expressed above. The above-mentioned opinions are based on the information, which is believed to be accurate, and no assurance can be given for the accuracy of the information. The author, directors and other employees and any affiliates of RSBL cannot be held responsible for any losses in trading. In no event should the content of this research report be construed as an express or an implied promise, guarantee or implication by or from RSBL that the reader or client will profit or the losses can or will be limited in any manner whatsoever. Past results are no indications of future performance. Information provided in this report is intended solely for informative purposes and is obtained from sources believed to be reliable. The information contained in this report is no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted. We do not offer any sort of portfolio advisory, portfolio management or investment advisory services. The reports are only for information purpose and are not to be construed as investment advices.

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