DAILY GOLD TREND FOR 18 JAN 2011

Just a few weeks ago, everybody was bullish. Now with
 the metals down the couple of weeks, people are already
 talking about the end of the rally,” . I do not believe the
bull market is over, but  “that does not mean the metals
can't fall further. They certainly can.” I recommends that
 investors with long-term views to buy bullion on declines.
 A correction could take gold to $1,320 to $,1340 an
ounce and in the process do nothing to the long-term
nature of the gold market.

The price direction for gold could be dependent on technical
 factors, direction will depend on whether the market can hold
 at key support at the $1,352.70 level,  If a break of $1,352.70,
it could lead to a price decline toward key support at $1,331.00
 while a hold at $1,352.00 would argue for higher gold price ,
On a short-term basis they lean toward the downside. 

MY COUNTS FOR FEB GOLD FOR 18 JAN

RESISTENCE #2............................$ 1371.00(MCX Rs 20367)
RESISTENCE #1............................$ 1365.00(MCX Rs 20331)
PIVOT............................................$ 1361.00(MCX Rs 20283)
SUPPORT #1.................................$ 1356.00(MCX Rs 20246)
SUPPORT #2.................................$ 1352.00(MCX Rs 20190)

Happy Trading

RAHUL KUMAR
GOLD Analysist

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