DAILY GOLD TREND FOR 11 JAN 2011

Comex gold futures closed  higher Monday as bargain hunters
stepped in to buy the dip, following recent selling pressure.
A weakening U.S. dollar index  supported some fresh buying
interest in the precious metals . February Comex gold closed
 at $1,373.90 an ounce up $ 5.00.

Gold could get a more decisive push upward if the news out
 of Europe concerning sovereign debt worsens or economic
conditions in the U.S. don’t improve, “Financial, economic
and political concerns continue to be supportive
of gold".

Reports that Portugal is preparing to take an European Union
and International Monetary Fund bailout had earlier weakened
the euro. See more on the latest surrounding Portugal and
sovereign debt. Investors are tracking the efforts of Portugal,
Spain and Italy in selling longer-term bonds this week.
“Amid the continued uncertainty, gold should be in greater
 demand again,” analysts at Commerzbank said in
a note to clients.

Technically Ist resistence seen at Monday high $ 1377.00
and than at $ 1383.00.  Ist support seen at $ 1365.20
Monday low and than at $ 1357.00

MY COUNTS FOR 11 JAN 2011 FOR FEB GOLD

RESISTENCE #2.............................$ 1384.00(MCX Rs 20530)
RESISTENCE #1.............................$ 1379.00(MCX Rs 20475)
PIVOT ............................................$ 1372.00(MCX Rs 20410)
SUPPORT #1..................................$ 1365.00(MCX Rs 20355)
SUPPORT #2..................................$ 1360.00(MCX Rs 20290)

HAPPY TRADING

RAHUL KUMAR
GOLD Analysist

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