GOLD
Over all short term trend is bearish.
Below 20500 short term weakness........down side support 20000-19900, decisively break with volume further weakness. Below 20800 do not remain long....
Dear all last week this counter shown weakness as we expect & mention. But chart patter showing now it's again positive till new highs of 21500 very soon. After touch 21500 we can see heavy correction till 17500. Now this week and till target of 21500, keep your eyes on level of 20184, if it continues maintain above this level and hold this week above this level, you can start buying for long term. This is the story of long term now we have to talk about this week.
This week keep your eyes on level of 20260, till its maintain above this level, you can keep buying and once its break and close below 20260, you have to exit in bought and wait for clear intraday trend. Over all keep buying in your hand with some small but strict stop loss. Today it will face resistance 20500-20660 & support 20280-20185.
Gold (MCX-Feb'11): Last week bullion faced the heavy selling pressure. It is expecting by the fund managers and traders that American & European economy will recover in 2011. Because of this reason dollar index moved upward and closed above $81.
This is good sign for US economy. As the dollar index move upward, bullion will face selling pressure. This week also, sellers will dominate in bullion. Sell bullion at high. Gold will face resistance at 20500. Support level is at 20074. Break of this level will put another pressure on this "Safe Haven" & it may fall till 19800.
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