MORNING UPDATE BULLION - Bullion ended lower extending a week-long trend when several bearish factors, including a rising dollar ahead of the G20 meeting, conspired to push prices below key chart support levels. Softer investor appetite for the precious metal, a dearth of physical demand from China during its Lunar New Year holiday and gains in the dollar pushed the precious metal down. Early selling provoked technically-driven selling when several key support levels were ruptured on the way down.

Crude oil gained on Saturday after prices dropped Friday after an unexpected dip in U. S. industrial production spurred concerns about lagging economic activity. IEA trimmed its world oil demand growth forecast for 2013 by 90,000 barrels per day, in contrast to the EIA and OPEC. Natural gas settled flat after official data revealed that stockpiles fell less than expected last week.

Base metals ended with mixed to firm trend as investors hoped a surge of buying will emerge when Chinese participants return from holiday but upside was seen after dollar rose. Aluminium and zinc have outperformed copper even though both metals have some of the worst supply demand fundamentals, with large market surpluses forecast this year.

GOLD MARKET UPDATE - Gold prices finished nearly 1.8 percent lower last week, extending a week-long trend when several bearish factors, including a rising dollar ahead of the G20 meeting, conspired to push prices below key chart support levels to lows last seen in August. Softer investor appetite for the precious metal, a dearth of physical demand from China during its Lunar New Year holiday and gains in the dollar pushed the precious metal down more than 3.7% this week, its biggest weekly decline since May. Early selling provoked technically-driven selling when several key support levels were ruptured on the way down. Thinner volumes likely accounted for a steeper decline than usual with Chinese players still on holiday and US players heading out for the President's Day holiday. Chinese traders, however, were expected to take advantage of the lower prices to replenish stocks when they return on Monday from their week-long Lunar New Year celebrations. A firmer dollar against the yen and the euro also weighed on the metal after data showing manufacturing in New York state expanded in February for the first time in seven months. Data released last week showed billionaire investor George Soros had cut his holdings in the SPDR Gold Trust, by more than half in the fourth quarter, while GLD's biggest shareholder John Paulson left his holdings unchanged. A few others also cut exposure to gold, including investment fund PIMCO and Tiger Management's Julian Robertson, who dissolved his entire stake in Market Vectors Gold Miners ETF. Now technically market is getting support at 1602 and below could see a test of 1594 level, And resistance is now likely to be seen at 1618.40, a move above could see prices testing

Gold$ trading range for the day is 1604.5-1625.1.

Gold ended lower weighed by rising dollar ahead of G20 meeting, conspired to push prices below key chart support levels.

Softer investor appetite for metal, a dearth of physical demand from China and gains in the dollar pushed the precious metal down.

SELL GOLD$ @ 1614$ SL 1622$ TGT 1608$ - 1600$.

SILVER MARKET UPDATE - Silver fell to a six-week low of $29.65 an ounce, and held around those levels in late trade fell to a six-week low last week and was headed for its biggest weekly drop since December as investors sold the precious metal to cover losses in equity markets, while a softer euro also weighed on prices. The euro nursed heavy losses, while shares in Asia eased with investors turning cautious as weak euro zone growth data presaged a bleak outlook ahead of a G20 meeting in this session and on Saturday in Moscow. Worries over appetite for the metal also dragged. Global gold demand fell last year for the first time since 2009 as jewellery buying abated in the key Indian and Chinese markets, and as US and European coin and bar investment dropped, the WGC said. The next focus for the market is a two-meeting of G20 finance and central bank officials, beginning Thursday, for clues about global growth and also their views on currencies. Easy monetary policies in advanced economies have sparked fears of dangerous currency devaluations, or the so called "currency wars" in which countries compete to lower their exchange rates in a bid to boost their balance of payments. Markets in China remain shut for the Lunar New Year holiday, but Hong Kong resumed trading on Thursday. Global gold demand fell last year for the first time since 2009 as jewellery buying abated in the key Indian and Chinese markets, and as US and European coin and bar investment dropped, the World Gold Council said on Thursday. Now technically market is getting support at 29.72 and below could see a test of 29.44 level, And resistance is now likely to be seen at 30.05, a move above could see prices testing 30.48.

Silver$ trading range for the day is 29.63-30.41.

Silver dropped after Ben Bernanke said the U.S. economy was improving, which sent prices falling

Investment has also softened on signs that the United States and Chinese economies are picking up

SELL SILVER$ @ 30.15$ SL 30.45$ TGT 29.80$-29.40$

CRUDE MARKET UDPATE - Crude oil prices sank finished their first negative week since mid-January after an unexpected dip in US industrial production spurred concerns about lagging economic activity. Economists had been expecting a modest increase in industrial output in January. US crude prices also fell hard as traders sold positions ahead of the US holiday weekend. Not all US economic signs were negative on Friday. US consumer sentiment improved in February, buoyed by signs of increased hiring, though worries heightened about a decline in future income. But global growth prospects were clouded by expected divisions at a meeting in Moscow of finance officials from the Group of 20 nations, 90 percent of the world's economy, over economic policy and its impact on currencies. A floor under oil prices was maintained with supply concerns stemming from worries over Iran's nuclear program. Talks between Iran and the UN appear to have failed as inspectors returned from talks in Tehran with no deal on reviving a nuclear investigation and no date for a new meeting. Reports that major powers plan to offer to ease sanctions barring trade in gold and other precious metals with Iran in return for Iranian steps to shut down a newly expanded uranium enrichment plan, Western officials said. Concerns that the conflict could curb oil supply had eased slightly after the Middle Eastern nation appeared to be taking steps to slow the growth of stockpiles of nuclear materials that could be used to make a bomb. Now technically market is getting support at 95.40 and below could see a test of 94.70 level, And resistance is now likely to be seen at 94.90, a move above could see prices testing 95.60.

CRUDE $ trading range for the day is 94.28-97.68.

Crude oil gained on Saturday after prices dropped Friday after an unexpected dip in U. S. industrial production spurred concerns

IEA trimmed its world oil demand growth forecast for 2013 by 90,000 barrels per day, in contrast to the EIA and OPEC.

SELL CRUDE$ @ 96.20$ SL 97.20$ TGT 95.60$-94.80$