DAILY GOLD TREND FOR 17 NOV

COMEX GOLD FUTURES have pulled back to in my view a very critical support area on both the weekly and the daily charts.
MY ANALYSIS
Fundamentally, Although COMEX GOLD FUTURES have sold off dramatically here in the last few days, I believe that COMEX GOLD FUTURES will rebound higher as we head into the end of the 4th quarter, due to the U.S. Dollar being susceptible to possible sharp sell-offs causing inflationary fears.

Technically, COMEX GOLD FUTURES have pulled back to or below support on both the daily and weekly charts.   As COMEX GOLD FUTURES pull back to these Moving Averages in my opinion, it presents an opportunity to BUY at days low level.

REPORTS

CPI ...........................06:00PM

MY COUNTS FOR 11/17 DECEMBER GOLD
RESISTANCE # 2...........$1380.00 (MCX Rs 20306)
RESISTANCE # 1...........$1360.00 (MCX Rs 20121)
PIVOT.............................$1345.00 (MCX Rs 19970)
SUPPORT # 1..................$1322.00(MCX Rs 19785)
SUPPORT # 2..................$1310.00(MCX Rs 19634)

RECOMMENDATION : UPDATE AT 4:00PM

RAHUL KUMAR
GOLD Analysist

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