Report Date: 29th Jan, 10

Global Services Division

COMEX - Gold
Trading Strategy (for Gold April’10 contract applicable for 3 - 5 days)

Traders can enter into short position at the suggested level.

Buy/Sell Entry point(s) Liquidation

Futures Contract Entry Point Stop-Loss
[Advised on] triggered on Objective
Gold (COMEX)
Sell Below $1074 $1060/1040 1081
April’10

Gold closed flat yesterday after made low of $1074. Dollar’s strength against basket of currencies
is continuously putting pressure on gold prices.

Dollar clocked six months’ high against euro and it looks like it would continue to remain higher for
some more time.

Gold is trying to stabilize around $1075 level. It is to be seen whether this support would hold in
coming sessions. If prices would close below this level for two days, then it would be confirmed
that gold will drop another 50 dollars.

Short term indicators are suggesting strong signs of bearishness.

Overall, traders can enter into short position at the suggested level.
Global Services Division

COMEX - Silver

Trading Strategy (for Silver March’10 contract applicable for 3 - 5 days)

Traders can enter short at the suggested level.

Buy/Sell Entry point(s) Liquidation

Futures Contract Entry Point Stop-Loss
[Advised on] Triggered on Objective
Silver (COMEX) $16.00/
Sell $16.40-16.41 $16.52
March ‘10 15.50

Silver futures lost 22 cents yesterday. But before that it made low of $16.01.

Silver is currently trading in negative territory and as is shown on the chart, prices formed three
black crow pattern on candlestick which suggests pices could drop further in coming sessions.

Short term indicator are suggesting bearish trend may continue for some more time.

Overall, traders can enter into short position at the suggested level.
Global Services Division

Gold & Silver - Fundamentals

Gold prices moved away from near three-month lows on Friday but remained pressured, hurt by a
rising dollar and waning risk appetite among investors.

The euro's extended fall against the dollar to its lowest in more than six months helped lift the U.S.
currency to a five-month high against a basket of key currencies on Friday.

The weakness in the single European currency prompted funds to further trim their long positions
in gold, but Thursday's drop in gold prices to their lowest level since Nov. 3 was spurring buying
from across Asia.
Global Services Division

COMEX – Copper-HG

Trading Strategy (for Copper Mar’10 contract applicable for 3 - 5 days)

Buy/Sell Entry point(s) Liquidation

Futures Contract Entry Point Stop-Loss
[Advised on] Triggered on Objective
Copper (COMEX) 314.5/315.2
Sell ---- 310.5 317.50
Mar’10 0
Our given sell missed the entry point and reached the low of 309.15 on Thursday.

Copper for March delivery - HGH0 in the New York Mercantile Exchange's COMEX division
continued to settle below the trend line support for the second day in row signalling room for
further depreciation in the coming sessions. On Thursday prices moved in the range of 309.15
and 324.35 and finally settled lower at 309.80.
Copper sold off sharply for the second successive on Thursday. In the last few sessions prices
declined by about 10%. Copper declined as dollar strengthened and economic recovery
concerns mounted in response to disappointing jobless claims and durable goods data.

Prices in the hourly chart trading within the descending channel and most probaly to move within the
broader channel of 315 and 300 levels in the next few sesisons before the beginning of the next leg.

On the lower side initial support is seen at 310.5-309 levels and below to drop till 302–300 levels in the
coming few sesisons. Only if the prices drops below 300 levels then expects continuation of the current
downtrend in the coming weeks also, which also coincides with the 23.6% Fibonacci retracement for the
entrire move drawn from the recent highs of 352.2 and the December 2009 lows of 133.2 levels.
Global Services Division
NYMEX – Crude oil
Trading Strategy (for Crude Oil Mar’10 contract applicable for 3 - 5 days)
Crude oil futures prices seem move sideways in the next couple of trade sessions.

The suggested long position at $74 level has booked profit at around $74.20 level.

Now traders are advised to stay away from the market

Buy/Sell Entry point(s) Liquidation

Futures Contract Entry Point Stop-Loss
[Advised on] Triggered on Objective
Crude Oil
Stay Away
(NYMEX) Mar’10

NYMEX Crude Oil (Mar’10) futures prices ended lower by $0.03, at $73.64 per barrel on
Thursday.

Prices made doji, while open and close just 11 cents difference and also made an inside day while
high and lows were within the previous day’s range, which indicates that market remains
sideways.

Prices are at $73.90 per barrel in electronic trading session on Friday.

Now on the downside prices may find immediate support at around $73.50 and then at $72.50
level is very important.

On the other hand, prices may face immediate resistance at around $75 and then at $76.50 level
is very important. The short-term indicators are signalling around oversold. Stochastic Oscillator
(14,3) is at 8.47 points and RSI-14 day is at 35.65 points. Overall Crude Oil prices seem to move
sideways in the next couple of trade sessions.
Global Services Division

Crude Oil News Highlights

Crude Oil Mar’10 futures are at $73.90 per barrel in electronic trading session on Friday.

Oil market awaited U.S. economic growth data at 8:30 a.m. EST for any signs that consumption
in the world's biggest oil consumer was recovering.

U.S. oil demand shrank 2 percent in the past four weeks from a year earlier, figures this week
said, while Japanese data showed crude imports fell 2.6 percent in December and gasoline
sales tumbled 2.4 percent.

EIA said domestic crude stocks fell 3.9 million barrels last week, against expectations for a 1.4
million barrel build in a Reuters poll, but much larger than the API's 2.2 million barrel drawdown.

Stocks at the Cushing, Oklahoma, NYMEX delivery hub fell by 700,000 barrels. Distillate stocks
rose 400,000 barrels, against the forecast for a 1.7 million barrel decline and API's 2.0 million
barrel drawdown. Gasoline stocks rose 2.0 million barrels versus the forecast for a 1.1 million
barrel build and larger than API's 916,000 barrel increase. Sales of newly built U.S. single-family
homes fell unexpectedly in December, a sign that the government-led housing recovery might
be losing some steam.

Global Services Division Research powered by

Scott Slutsky, Managing Director
312-563-8325
sslutsky@pfgbest.com

Disclaimer: There is risk of loss in trading futures and options