Fundamentally, The currency wars between China, Europe, and the U.S. could be the driving force in my opinion that sends COMEX GOLD to $1500/ounce by the end of the year or very early in the 1st quarter of 2011. Because of this, I believe that one should play with gold future, long side.
Technically, COMEX GOLD FUTURES are still in a long-term SUPER TREND higher indicated to me by the market holding and trading above both the 9 week MOVING AVERAGE and the 20 week MOVING AVERAGE, as the MA's point higher. See weekly chart below.
MY COUNTS FOR 02/12 FOR FEB GOLD
RESISTENCE # 2...............$ 1405.00(MCX Rs 20970)
RESISTENCE #1 ...............$ 1396.00(MCX Rs 20798)
PIVOT ...............................$ 1389.00(MCX Rs 20695)
SUPPORT #1.....................$ 1380.00(MCX Rs 20522)
SUPPORT #2.....................$ 1373.00(MCX Rs 20420)
RECOMMENDATION : BUY ABOVE 20700
RAHUL KUMAR
GOLD Analysist
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