DAILY GOLD TREND FOR 10 JAN 2011

Friday, February gold futures prices on the Comex division
of the New York Mercantile Exchange settled at $1,368.90 an ounce,
down 3.7% on the week.

The stronger US Dollar Index is keeping the pressure on the metals!
The US Dollar has traded higher in a wider range than last week as
contagion fears keep getting new prospects for potential
 bailouts in the Euro Zone.

This week brings more economic data to influence the markets.
U.S. economic data last week was generally strong, which
 helped the dollar gain. Among some of the reports that are
slated for release next week include the producer and
consumer price index – inflation gauges – and retail sales.

Technically If gold sustian above $ 1484 than it's better to remove
short position.  The first technically support at $ 1367 and than
solid support at Friday low $ 1352.60.  Below $ 1350 more chances
to test $ 1337-27 next four to eight hours.

From this week(15th Jan) the marriage session again start in India the IInd largest
consumer  of yellow matel so........a physical buying sure to come at
lower level.

MY COUNTS FOR 10 JAN FOR FEB GOLD

RESISTENCE #2................................$ 1395.00(MCX Rs 20570)
RESISTENCE #1................................$ 1382.00(MCX Rs 20468)
PIVOT ...............................................$ 1367.00(MCX Rs 20330)
SUPPORT #1.....................................$ 1354.00(MCX Rs 20230)
SUPPORT #2.....................................$ 1339.00(MCX Rs 20100)

Happy Trading


RAHUL KUMAR
GOLD Analysist

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