GOLD: (Feb 2012)
As mentioned in this column that for the last two week, major resistance for safe playing for bulls is 29400, and think to buy side, downside it must hold 28300 if unable to hold major weakness. And it actually did, and finally made a low of 27000+, which indicates weakness to continue. Now in this week, we may consider resistance at 27800-28000-28300, downside support to watch out at 27000, decisively break with volume likely, nonstop target of 25800 -25000 in few sessions. Hence, be cautious of any buy side on higher-level. Sell-on-rise strategy.
Trend Decider of this week: 27800.
Today: For the time being, support established at 27500 and sustained above 27860, some recovery to continue and may test 28000+. But higher level is again shorting opportunity. Today, closely watch 27932, which is a trend decider for today's trading. Crossover target of 28300+.
Comex: Due to strength of Dollar, big sell off was seen in Comex also. Now consider key long-term support at US$ 1548, if unable to hold some reversal, nonstop target of US$ 1450. Above 1625, corrective rally and likely to add another 40-50 points.
