DAILY GOLD TREND FOR 07 JAN

Comex Gold future ended slightly lower.  Feb Comex
Gold last trade at $1371.50 down $ 2.20. The strong
rebound in the U.S. dollar index this week is a
significant bearish factor for the precious metals.

"The high volume distribution and failed breakouts
into new highs is indicating institutional selling,"
says Jeb Handwerger, editor of GoldStockTrades.com.

An improving jobs picture in the U.S. has also not
helped gold. Initial jobless claims for the week ending
Jan. 1 rose slightly to 409,000, but expectations are
still high headed into Friday's jobs number.
The unemployment rate is expected to slip slightly
 to 9.7% and where the private sector is expected
to add anywhere from 225,000 to 162,000 jobs.

Technically Gold future have initial solid support near
$ 1359 and than $ 1350, and a move above $ 1380
result to gain further $  1391-95.

MY COUNTS FOR 07 JAN FOR FEB GOLD

RESISTENCE #2............................. $ 1385.00(MCX Rs 20545)
RESISTENCE #1............................. $ 1379.00(MCX Rs 20493)
PIVOT ............................................ $ 1372.00(MCX Rs 20404) 
SUPPORT #1.................................. $ 1364.00(MCX Rs 20338)
SUPPORT #2.................................. $ 1357.00(MCX Rs 20270)


RAHUL KUMAR
GOLD Analysist

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