DAILY GOLD TREND FOR 11 NOV

Due to tomorrows Banking Holiday (Veterans Day) the united States
Department of Labor released better than expected Initial Jobless Claims
data showing first time claims to be - 435,000 better than the projected 450,000.
Also the U.S Balance of Trade was a deficit of $44 Billion...This was expected
to be a deficit of $45 Billion......

* The Peoples Bank of China revealed today that as of November 16th
it will raise the commercial bank reserve requirement by .50 basis points...
This helped fuel the sell-off today as anytime you mention Central Banks raising rates
Gold and Silver will usually tumble...However, the Chinese Trade Surplus reading is the
second highest ever on a monthly basis....This is an indication that the
Peoples Bank of China may be looking to increase their Gold reserves...

The CME Group (The World's Largest Futures Exchange) sent letters to
member firms and others on Tuesday stating they would be raising
the margin requirements for trading Silver.....The increase was significant enough to force
traders to sell / profit take to meet margin requirements...



MY COUNTS FOR 11/11 DECEMBER GOLD

RESISTANCE # 2................$1420.00 (MCX Rs 20480)
RESISTANCE # 1................$1411.00 (MCX Rs 20354)
PIVOT..................................$1397.00 (MCX Rs 20237)
SUPPORT # 1......................$1384.00 (MCX Rs 20102)
SUPPORT # 2......................$1375.00 (MCX Rs 19975)

MY COUNTS FOR 11/11 DECEMBER SILVER

RESISTANCE # 2................$28.21 (MCX Rs 41517)
RESISTANCE # 1................$27.87 (MCX Rs 40900)
PIVOT..................................$27.15 (MCX Rs 40270)
SUPPORT # 1......................$26.51 (MCX Rs 39560)
SUPPOER # 2......................$26.03 (MCX Rs 38940)


RAHUL KUMAR
GOLD Analysist

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