DAILY GOLD TREND FOR 03 JAN 2011

Here and now I’d like to say thank you for all the
cheerful wishes on the occasion of Xmas and the
New Year. Also for the stimulations and impulses,
for criticisms and some approval we received by you,
gentle reader and customer in the course of last year.
 Many thanks and to all of you a prosperous and
healthy New Year!!

The precious metals rally is likely to continue into
the first week of 2011 as the fundamental supports
for the markets – Chinese buying of Gold, or fear of
inflation, Eurozone debt, I believe Gold  will continue
higher in the new year.

While some market watchers warn that the potential
for profit-taking in January is possible, many say strong
demand under the market will limit significant losses
and won’t change the long-term bullish trend.

Technically If the Comex Gold future trade above $ 1424.00
then more  possibalties to hit $ 1442 same day.  The very
near term support for Gold future is laid at $ 1413.00 than
$ 1408.00 to $ 1401.00

MY COUNTS FOR THE FIRST TRADING DAY OF 2011

RESISTENCE #2............................$ 1431.00(MCX Rs 20829)
RESISTENCE #1............................$ 1425.00(MCX Rs 20789)
PIVOT ...........................................$ 1416.00(MCX Rs 20724)
SUPPORT #1.................................$ 1410.00(MCX Rs 20684)
SUPPORT #2.................................$ 1402.00(MCX Rs 20620)

RECOMMENDATION : ADVISE TO TRADE BETWEEN SUPPORT AND RESISTENCE UNTILL MOVE ABOVE RESISTENCE #1

RAHUL KUMAR
GOLD Analysist

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