Gold remains well supported on the downside

Gold remains well supported on the downside. Physical demand is not great ( bull cap), but it remains positive, and is providing good support for gold. At the same time, the dollar has failed to rally significantly on comments by Mr Bernanke that the Fed supports a strong dollar. We see good support for gold at USD1,125 and USD1,110. Our next target remains at USD1,150.
















Back to Malaysia, gold price also moving up strongly and hold above RM123 per gram now the major support line is at RM120 per gram level if any drop in price below this level will be the sign of correction, however as long as RM113 per gram level unbroken, gold price still in bull run till 1Q2010.

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