Technically, February Comex gold futures bulls have the
overall near-term technical advantage and regained some
fresh upside momentum Monday. A potentially near-term
bearish minor pennant pattern was negated with Monday's
solid price gains. A close near session high is confirmed the
uptrend in near future.
Gold and Silver volatility subsided late in the session
as traders may be looking toward tomorrows key
economic data as well as the tuesday meeting of
the FOMC. The minutes from the Fed meeting are
always worth keeping an eye on ...............
Gold and Silver traders will certainly be deciphering
tomorrows economic data as it will surely give the precious
metals direction.
Also supportive for gold Monday was news that Chinese officials
did not immediately raise interest rates after the Chinese
government reported during the weekend that inflationary
pressures are heating up significantly.
Tuesday 14/12 Economic Data:
FOMC MEETING
Business Inventories............07.00PM
PPI.....................................07.00PM
RETAIL SALES.................07.00PM
MY COUNTS FOR 14/12 FOR FEB GOLD
RESISTANCE # 2..................$1413.00(MCX Rs 20724)
RESISTANCE # 1..................$1406.00(MCX Rs 20652)
PIVOT....................................$1393.00(MCX Rs 20582)
SUPPORT # 1........................$1387.00(MCX Rs 20525)
SUPPORT # 2........................$1373.00(MCX Rs 20450)
RECOMMENDATION : BUY GOLD NEAR 20600-20630 AND KEEP LONG
ALSO KEEP CLOSE EYE ON TODAY REPORTS AND FOMC MEETING
RAHUL KUMAR
GOLD Analysist
Commendts me : bestech30@gmail.com
To get exact level for MCX/COMEX gold future
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