DAILY GOLD TREND FOR 05 JAN

The Comex Gold future closed sharply lower Tuesday, 
on heavy profit taking presure from recent gains.
 Feb Comex Gold last trade at $ 1378.80 down $ 44.60.

Tuesday sell off in gold is mainly a profit taking
correction and not the start of something more ominous.

Afshin Nabvi, head of trading at trade house MKS Finance said
"There was no news justify this move, except for a little bit stronger
doller" he added "It's just liquidation to be honest.

Importantly, no serious chart damage occured in gold, and a
healthy corrective pullback, in price should not be unexpected.
Gold market should support from on going worries about the
Europen debt crisis, the US dollar, nervousness about the
political landscape.

Technically the first resistence seen at $ 1385.00 and than at
$ 1393.00, support is seen at Tuesday's low $ 1375.00 and than
$ 1372.70

MY COUNTS FOR 05 JAN FOR FEB GOLD

RESISTENCE #2.............................$ 1412.00(MCX Rs 20840)
RESISTENCE #1.............................$ 1405.00(MCX Rs 20690)
PIVOT ............................................$ 1390.00(MCX Rs 20556)
SUPPORT #1..................................$ 1370.00(MCX Rs 20378)
SUPPORT #2..................................$ 1359.00(MCX Rs 20210)

RECOMMENDATION : BUY ON DIP ENJOY THE TRIP, KEEP STOP LOSS OF EACH TRADE

RAHUL KUMAR
GOLD Analysist

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