DAILY GOLD TREND FOR 28 DEC 2010

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Comex Gold Future price were trading modestly higher Monday afteroon
as the market posts a consolidative light volume holiday session.  Feb Comex
Gold last traded at $ 1382.5 an ounce up $ 2.00.The US dollar index weakend
slightly Monday, which let support to the gold market.

Several global markets including London, Australia and Hong Kong were
closed Monday in observance of the Christmas holiday. There was no London
gold fix on Monday. The UK will remain closed for trading on Tuesday as well.

While gold action could remain muted over the next several days as traders
remain absent from their desks due to the holidays, many analysts remain
bullish on the prospects ahead for the yellow metal.

Despite the second hike in two months form Bank of China bargain hunters
buying  support the Gold market as investors showed strong
buying interest after the Christmas Day rate hike from the Asian sector.

MY COUNTS FOR 28 DEC FOR FEB GOLD

RESISTANCE # 2................$1396.00(MCX Rs 20590)
RESISTANCE # 1................$1389.50(MCX Rs 20548)
PIVOT..................................$1380.50(MCX Rs 20510)
SUPPORT # 1......................$1374.00(MCX Rs 20470)
SUPPORT # 2......................$1365.00(MCX Rs 20430)

RECOMMENDATIO : BUY ABOVE @ 20550

RAHUL KUMAR
GOLD Aalysist

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