DAILY GOLD TREND FOR 15 NOV

Last Friday  the Gold market settled at $1365.50...($37.50 lower on the session). This avalanche sell-off was fueled from rumors that the Chinese Banks were
looking to RAISE rates again in order to curb it's inflationary concerns
This may be seen as rebuttle to the FOMC's quantitativr policy...
Also it may be seen as tool to push Gold prices lower in order for
the Chinese to purchase bullion lower. The Chinese financial officers
have certainly declared their interest to build their Gold reserves
to the levels of the United States.....
ONCE AGAI it will be very interesting to see if this significant
sell-off will bring a strong demand for physical bullion...

More bad news from the European union as the debt spread in Ireland
appears to be widening...Chances are the Irish Banking System
may be in worse shape than originally thought.....
This is prompting savvier investors from the Euro Region
to buy Gold as a "safe haven" investment.....
Chinese government officials are continuing their criticism of the
"loose" monetary policies abroad, particularly the recent
"quantitative easing"  policy revealed last week from the FOMC....

* 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 15/11  DECEMBER GOLD

RESISTANCE # 2.....................$1424.00(MCX Rs 20450)
RESISTANCE # 1.....................$1399.00 (MCX Rs 20261)
PIVOT......................................$1381.00 (MCX Rs 20130)
SUPPORT # 1...........................$1349.00(MCX Rs  19950)
SUPPORT # 2...........................$1327.00(MCX Rs  19800)

RECOMMENDATION : LOOK FOR SELL AT HIGHER LEVEL

RAHUL KUMAR
GOLD Analysist

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