On Saturday China's Central Bank raised interestr rates
for the second time in just over two months,
underscoring concerens that inflation may be enterenched and
swift actio is needed to get price pressure under control.
Spot Gold fell to one week low $ 1371.1, before recovering to $ 1381
"Earlier speculators were selling on China's rate hike news, but a lot of
buying has since emerged as speculators are buying on dip," said a
Tokyo-based dealer.
Spot gold is technically neutral as it is range bound between
$ 1370 and $ 1400 but bias seems to be with bulls
The tendency of the market is to strengthen not to fall as many believe
it would. The fundamentlas have not changed, with demand coming
from the east in the main as the west focuses on other things.
When the holidays are finished and business is back to normal,
the Gold price to show more vigor.
The gold price is strengthening in the falling euro and is attacking
peak levels. I expect to see this continue o this pre-holiday quiet
day in New York.
MY COUNTS FOR 27 DEC FOR FEB GOLD
RESISTANCE # 2.......................$1397.00(MCX Rs 20580)
RESISTANCE # 1.......................$1388.00(MCX Rs 20536)
PIVOT ......................................$1379.00(MCX Rs 20453)
SUPPORT # 1.............................$1370.00(MCX Rs 20390)
SUPPORT # 2.............................$1361.00(MCX Rs 20335)
RAHUL KUMAR
GOLD Analysist
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