GOLD OUTRIGHT REPORT Price CONTRACT COMEX Gold Apr'12 COMEX Silver May`12 OPEN 1671.50 32.

36 HIGH 1685.40 33.25 LOW 1664.40 32.34 CLOSE 1679.70 33.10 PCT CHANGE 0.49% 2.30% VOLUME 109449.00 339.92
Camarilla Levels GCJ2 SIK2 33.60 33.35 32.85 32.60

03/04/2012 Levels Gold Apr`12 Support Resistance *1677.9* *1680* **1672.5** **1684.5** ***1670.1*** ***1690.4*** *1667* *1692* **1663.4** **1693.9** ***1660.1*** ***1700*** *1657* *1711.7* Chart: COMEX Gold Daily

H4 H3 L3 L4

1691.25 1685.48 1673.93 1668.15

Market Commentary Gold Futures ended the day in the green after a global risk rally pushed the yellow metal higher after better than expected US data. In news from Euro, the recovery of the asset prices is yet to filter into the real economy with the Euro zone PMI's stuck in the sub 50s arriving just in line at 47.1. Primary disappointment comes in the form of lower PMI numbers from French and Germany which are expected to be the stronger economies of Europe. Euro zone unemployment is stuck at near 15 year highs and any expectations of Green shoots in the largest trading block in the world will have to wait for some more time. Switching to the other side of the pond, US ISM manufacturing index comes in at 53.4 against an expectation of 53. This coupled with a better than expected official Chinese PMI fuelled a good short covering rally in risky assets around the world resulting in an end of session pop in most markets. Euro closed the day 1.3338 after recovering from its earlier lows. With a upcoming ECB meeting on the 5th of this month, the common currency is expected to show strength going into the meeting. Analyst Opinion

On the Daily charts, Gold is showing a propensity to test higher levels considering that yesterdays close is the highest in a week. On a test higher, Markets are expected to face initial resistance near the 1683.4 which mostly held the upside yesterday. A close above that level is expected to take the market to the crucial 1692 levels which hold the200 Day moving average for the contract. Incidentally, the trend line resistance also is around the same levels for the product and hence, 1690.4 is the final frontier for bears today. Markets are expected to find initial support near the 1677.9 levels and finally near the 1670.1 levels. A failure to hold those levels might result in a test of the crucial 1663.4 levels and hence 1670.1 is expected to be the final frontier for bulls today. In Summary, Markets appear bullish today. It would be interesting to see if the market has enough strength to close above the 1690 level today.

Bottom-Line: Markets look Bullish. Expect a test of 1690.4