2010-11-06

Gold Close This Week at US1,394.1










For gold, the physical market remains supportive. Buyers, in Asia and India in particular, continue to buy dips. Diwali in India ends this week, which may see physical demand decline next week. But indications are that demand in India should still remain elevated well into December due to the upcoming wedding season. Also, India seems to expect the gold price to head higher — not lower — and buyers are willing to buy dips in gold.

Gold support is at $1,362 and $1,330. Resistance is at $1,408 and $1,424.

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