gold february 03 comex technicals

Paris, Dec 30 (TRADING Central) --

Daily indicators are positive and have crossed above their respective declining

trend lines (MACD and RSI). They are near resistance levels. Our 354 up target

has been reached and a high at 355.70 reached. This level triggered some profit

taking, driving the contract down to the 350 area and then to 339.

Now, the contract has bounced back up to the 350 area. Above 352, look for a

retest of 354 and 355.70. Below 347, expect a drop to 345 (strong intermediate

support).

Trend : ST rise ; MT upside

Pivot: 339

Preference: continuation of the rise.

Alternative scenario: below 339 expect a drop to 335.23 and 330.

Key levels to watch:

380.00 ** horizontal resistance

378.50 ** 76.4% retracement of the Feb 1996 - Aug 1999 down move

366.00 horizontal resistance

360.00 horizontal resistance

356.10 * upper daily Bollinger band

355.70 contract high

354.00 ** 61.8% retracement of the Feb 1996 - Aug 1999 down move

352.00 ** horizontal resistance

349.30 last

345.00 ** intraday support

343.42 upper weekly Bollinger band

340.76 38.2% retracement of the Dec 02 - Dec 19 up move

339.00 ** December 20 low

336.15 50% retracement of the Dec 02 - Dec 19 up move

336.00 horizontal support

335.23 ** 20 day MA

335.00 ** 50% retracement of the Feb 1996 - Aug 1999 down move

333.00 intraday support

331.50 61.8% retracement of the Dec 02 - Dec 19 up move

330.00 horizontal support

328.00 horizontal support

323.00 intraday support

325.13 50 day MA

314.36 lower daily Bollinger band