DAILY GOLD TREND FOR 22 DEC 2010

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Comex gold futures prices ended modestly higher
Tuesday in quieter, pre-holiday trading. Fresh
 worries regarding the European Union's debt crisis
prompted more safe-haven buying interest in gold. February
Comex gold last traded up $2.30 at $1,388.40 an ounce.


European Union debt worries have continued
to resurface in the market place. Overnight, it
was reported that Moody's said it may downgrade
Portugal's debt rating. Last week, Moody's downgraded
Ireland's debt and placed Spain's debt on the watch list.
The latest EU debt concerns have put the Euro currency
 under selling pressure, which is somewhat bullish for
 the gold market, but is also bullish for the U.S. dollar.

The North Korea-South Korea military tensions
have eased a bit. North Korea last weekend threatened
another military attack if South Korea conducted fresh
military exercises. It was reported the South Korea did
 conduct some military exercises Monday, with no incident.
The Koreas' military stare-down will continue to support
some safe-haven investment demand for gold.

Investment demand gold and silver remains constructive,
say analysts with Barclays Capital. They described holdings
 in exchange-traded products as stable at the start of a new
 week, with gold ETP holdings rising a modest 0.2 metric
tons to surpass Friday’s record at 2,155 tons. Meanwhile,
Barclays describes U.S. Mint gold coin sales as “robust”
so far in December and silver coin sales as
 “exceptionally strong.” Silver coin sales have already
hit 1.747 million ounces in December and for the year are
 nearly to 35 million, surpassing last year’s full-year sales
 total of 28.8 million, Barclays says in a research note.
“In our view, barring profit-taking in the near term, investment
demand for gold and silver is set to remain healthy
 in 2011 and is set to drive gold prices to new highs,” Barclays concludes.

But I am nort surprise to see gold at new high in December, If gold
close above $ 1400 because technicelly gold looking in bullish
trend. 

 

MY COUNTS FOR 22 DEC FOR FEB GOLD

RESISTANCE # 2...................$1400.00(MCX Rs 20650)
RESISTANCE # 1...................$1394.00(MCX Rs 20610)
PIVOT.....................................$1387.00(MCX Rs 20560)
SUPPORT # 1.........................$1381.00(MCX Rs 20521)
SUPPORT # 2.........................$1374.00(MCX Rs 20461)

RECOMMENDATION : KEEP BUYING WITH TIGHT STOL LOSS BELOW YESTERDAY LOW

RAHUL KUMAR
GOLD Analysist

Comments me : bestech30@gmail.com