DAILY GOLD TREND FOR 23 DEC 2010

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Yesterday  a statement from
 the I.M.F. that they had completed their
sales of gold, all 403.3 tonnes of it.  
Today they made the announcement to this effect. 
The U.S. took the gold
price down close to $1,380, turned and Asia
 took the price back up to $1,388.  
The p.m. gold Fix was $1,387.00.  
Asia and London have a far more positive
 outlook on the gold price, as we see in the
morning Fixes compared to the p.m. Fixes.  
That’s because demand is continuing to rise
 in Europe and the east.

Buying interest in gold was limited Wednesday
 by a steady USD index. The dollar saw some
selling pressure arise on reports
that China was considering buying a big chunk
of Portugal's sovereign debt.  However, the greenback
was supported on a stronger than
expected existing home sales report.

Gold remains in consolidation mode with a stronger bias today.

MARKET HOLIDAY SCHEDULE

          CME/NYMEX/COMEX  LONDAN FIX          LME
                                      PM               AM
DEC 24  CLOSED               YES               NO    CLOSED
DEC 25  REGULAR CLOSE      REGUALR CLOSE   REGULAR CLOSE
DEC 26         "                            "                     "
DEC 27         "                  NO              NO         "
DEC 28  CLOSED                NO              NO    CLOSED       
DEC 31  REGULAR CLOSE     YES             NO  REGUALR CLOSED
JAN 03    CLOSED               NO              NO  CLOSE

MY COUNTS FOR 23 DEC FOR FEB GOLD

RESISTANCE # 2...................$1393.00(MCX Rs 20618)
RESISTANCE # 1...................$1390.00(MCX Rs 20565)
PIVOT.................................$1387.00(MCX Rs 20538)
SUPPORT # 1.......................$1383.00(MCX Rs 20486)
SUPPORT # 2.......................$1381.00(MCX Rs 20458)

RAHUL KUMAR
GOLD Analysist

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