Yestarday was a very nervous market. Gold remain under $ 1400.
There are still concerns that China will again move to tighten its
monetary policy to dampen its domestic demand for raw commodities.
Some are thinking the Chinese government could move to
raise interest rates as soon as this weekend. That would be
at least a near-term bearish factor for all commodity markets.
However, strong demand for raw commodities will continue
to come from China even if its interest rates
are increased......said Jim
Technically, February Comex gold futures this week have
seen a significantly near-term bearish "key reversal" down
produced on the daily bar chart, which is one early clue that a near-term
market top is in place. However, solid price gains on Friday
would provide the bulls with some fresh upside near-term
technical momentum to suggest this week's selling pressure
was just a downside price correction in an overall uptrend on
the daily chart.
U.S Jobless Claims were better than projections
Data showed jobless Claims were 421,000
MY COUNTS FOR 10/12 FEB GOLD
RESISTANCE # 2............$1401.00(MCX Rs 20721)
RESISTANCE # 1............$1395.00(MCX Rs 20677)
PIVOT..............................$1388.00(MCX Rs 20589)
SUPPORT # 1..................$1380.00(MCX Rs 20538)
SUPPORT # 2..................$1375.00(MCX Rs 20451)
RECOMMENDATION : SELL ON HIGHER LEVEL WITH STRICT STOPLOSS 20735
RAHUL KUMAR
GOLD Analysist
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