DAILY GOLD TREND FOR 29 DEC 2010

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Comex gold future price  higher Tuesday, supported by
week US dollar, pre-option expeiration activity.  Feb Comex gold last
traded $ 1405.50 up $ 22.60 an ounce.

Option experation related activity at the Comex may has contributed to
Tuesday gains in Feb Gold, aimd the thin liquidity enviroment.

Also on Tuesday, US Treasure traders were disappointed by a weak 5-year
note auction and a  negative Home sales data push yellow mettals upward. 
The Treasury continues its auction on Wednesday with the sale of 7-year
notes.

Technically, Feb Gold are closing near first resistance at $ 1408..00.  If the market
can conquer that resistance , it would open the door for a retest of Dec high
$ 1432.50 but I am not surprised to see a year end profit-taking later this week.

MY COUNTS FOR 29 DEC FOR FEB GOLD

RESISTENCE # 2................................ $ 1420.00(MCX Rs 20851)
RESISTENCE # 1................................ $ 1409.00(MCX Rs 20782)
PIVOT ................................................ $ 1398.00(MCX Rs 20651)
SUPPORT #1...................................... $ 1389.00(MCX Rs 20584)
SUPPORT #2...................................... $ 1378.00(MCX Rs 20451)

RECOMMENDATION : BUY SUGGEST ONLY & ONLY  ABOVE @ 20735
WITH STRICTLY STOP LOSS

RAHUL KUMAR
GOLD Analysist

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