DAILY GOLD TREND FOR 31 DEC 2010

WISH YOU A VERY HAPPY NEW YEAR 2011
TO GET GOLD OUTLOOK FOR THE YEAR 2011 EMAIL ME BEFORE 3rd JAN bestech30@gmail.com

Comex Gold future settled down $ 7.60 an ounce at $ 1405.90
On Thursday, gold dropped after upbeat US data, including jobless
claims, factory data and home sales buttressed the view economy
gained momentum as the year ended. The US labor department post
weekly jobless claim better tan expected fell by 34000 to 388K.  The
first time weakly claim have fallen bellow 400K since July 2008.

Another news sparked profit taking into gold, Chicago business
burometer, a survey of regional purchasing managers considered
to be a leading national economic indicater,  surged to its highest
level in 22 years, at a 68.6 reading.

The US dollar index also test sloid technical support 79.40, but
contuning weakness in the US dollar failed to support  perious
metals.

The technical support for Feb Gold at $ 1400.00, if broke that
it would open the door to additional support at $ 1393.00.
The upside resistence at $ 1416.00 with a major near term
target at $ 1433.00 the all time high scored on Dec 07.

Note : A year ending and pre holiday profit taking and book
squiring may be seen any time in the market which result
hammer near term support $ 1393.00

MY COUNTS FOR LAST DAY OF 2010 FOR FEB GOLD

RESISTENCE #1............................$ 1417.00(MCX Rs 20840)
RESISTENCE #2............................$ 1413.00(MCX Rs 20773)
PIVOT .......................................... $ 1407.50(MCX Rs 20729)
SUPPORT #1................................. $ 1400.00(MCX Rs 20660)
SUPPORT #2................................. $ 1394.00(MCX Rs 20616)

RECOMMENDATION : SELL ON HIGHER LEVEL WITH STRICT STOP LOSS

RAHUL KUMAR
GOLD Analysist

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