DAILY GOLD TREND FOR 24 NOV

  After bumping up against the 20 day ma for three days,
it finally cleared it today and rallied to 1385.00. 
Just looking at the chart, it appears that gold is attempting to
start a new wave up.  If it follows through, it should
take out the high at 1426.00.  That would give a projection
up to 1450.00.  If it fails around 1400.00, it could then be
setting up for a more extensive sell-off than seen currently. 

The weekly chart formed a key reversal top two weeks ago.
 It has been gold's pattern that when it has done that in the past,
the sell-off is more than what has occurred currently. 
This current rally could be very telling.

 Earlier in the week North Korea revealed their hidden
uranium enrichment program which indicates that their nuclear capabilities
are much further along than previous estimates.....
Gold is often a refuge for investors during warring environments...

The third quarter GDP was revised up  2.5% one tenth better
than analysts forecasted.

US DATA PRODUCED TODAY : 11/24
DURABLE GOODS....................6:00 PM
INITIAL JOBLESS CLAIMS......6:00 PM
NEW HOME SALES..................6:00 PM

MY COUNTS 11/24 DECEMBER GOLD
RESISTANCE # 2..........$1391.00 (MCX Rs 20730)
RESISTANCE # 1..........$1386.00 (MCX Rs 20640)
PIVOT............................$1371.00 (MCX Rs 20395)
SUPPORT # 1................$1361.00 (MCX Rs 20241)
SUPPORT # 2................$1352.00 (MCX Rs 19996)

MY COUNTS 11/24 DECEMBER SILVER
RESISTANCE # 2...........$28.20 (MCX Rs 42663)
RESISTANCE # 1...........$27.90 (MCX Rs 42336)
PIVOT.............................$27.47 (MCX Rs 41833)
SUPPORT # 1.................$27.15 (MCX Rs 41476)
SUPPORT # 2.................$26.70 (MCX Rs 40960)

RECOMMENDATION : KEEP BUYING UNTILL ABOVE  Rs 20305

RAHUL KUMAR
GOLD Analysist

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