DAILY GOLD TREND FOR 26 NOV

The North Korea-South Korea tensions are still bullish for the gold market.
There were no new military clashes between North Korea and
South Korea Wednesday. However, the U.S. has sent an
aircraft carrier to the region, in a show of support for South Korea.
This is a potentially major geopolitical development that bears very
 close monitoring in the coming days and weeks.
The situation will likely continue to prompt safe-haven
buying of gold, or at least limit selling interest in the
yellow metal for the near term.

Fundamentally, I believe that COMEX GOLD FUTURES will
 rebound higher as we head into the end of the 4th
 quarter and the start of the 1st quarter due to the
 U.S. Dollar being susceptible to possible sharp sell-offs
causing inflationary fears.

Technically, COMEX GOLD FUTURES are still in a long-term
SUPER TREND higher indicated to me by the market holding and trading above
both the 9 week MOVING AVERAGE and the 20 week
MOVING AVERAGE, as the MA's point higher.
Also notice the increased volume.



Traders appeared to take profits ahead of the Thursday
Thanksgiving Day Holiday. Volume remained crisp as traders
received strong Initial Jobless Claims data as the Department
of Labor revealed that initial weekly claims were 407.000 far
far better than the 435,000 analysts projected....I believe
many traders still believe the Peoples Bank of China intend
to hike interest rates and liquidated their LONG positions in favor
of banking profits.

BE CAREFULL IN INTRADAY TRADES A PROFIT BOOKING MAY SEEN

US DATA : FRIDAY  11/26.
EXPORT SALES...............6:00 PM

MY COUNTS FOR 11/26 DECEMBER GOLD

RESISTANCE # 2.........$1386.00(MCX Rs 20630)
RESISTANCE # 1.........$1379.00(MCX Rs 20514)
PIVOT...........................$1374.00(MCX Rs 20440)
SUPPORT # 1...............$1367.00(MCX Rs 20323)
SUPPORT # 2...............$1362.00(MCX Rs 20250)


RECOMMENDATION : BUY NEAR Rs 20310


MY COUNTS FOR 11/26 DECEMBER SILVER

RESISTANCE # 2.........$28.02(MCX Rs 42450)
RESISTANCE # 1.........$27.78(MCX Rs 42195)
PIVOT...........................$27.44(MCX Rs 41798)
SUPPORT # 1...............$27.19(MCX Rs 41526)
SUPPORT # 2...............$26.86(MCX Rs 41129)

RECOMMENDATION : BUY NEAR Rs 41350

RAHUL KUMAR
GOLD Analysist

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