DAILY GOLD TREND FOR 14 JAN 2011

Comex gold future ended slightly higher at $ 1387.00 up $ 1.20 after
US labour department post jobless claim raise by 36K last week.

Yesterday Comex gold hit major resistence $ 1392.00 but not able
to breake and return back near days low that seen some sell signals
at higher level near future. The Dollar's weakness should have given
support to those two metals(Gold & Silver) and it did not. 
Are the metals telling us, near term, that they are weaker than
we thought and ready for a  correction? 

Bond auctions by peripheral European nations went well this week
and the results  have deflected for now some of the worries about
sovereign-debt risk. The improved results have  taken some of the
recent shine off of gold.

But the other hand we seen a strong demand continusly from
China and India at each dips.

Techanically major resistence seen at $ 1392.00 the yeasterday
high and than $ 1400.00.  The first support seen at $ 1372.60
Tuesday Low and than $ 1365.00.

WATCH CLOSELY

MY COUNTS FOR FEB GOLD FOR 14 JAN

RESISTENCE #2..............................$ 1401.00(MCX Rs 20578)
RESISTENCE #1..............................$ 1393.00(MCX Rs 20504)
PIVOT .............................................$ 1384.00(MCX Rs 20440)
SUPPORT #1...................................$ 1377.00(MCX Rs 20365)
SUPPORT #2...................................$ 1369.00(MCX Rs 20300)

Happy Trading

RAHUL KUMAR
GOLD Analysist

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