Fundamental analysis for precious metals gold - 1/12/2009

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Our expectations still show that the metal is to decline further but as we pointed out in our previous report, we are also predicting high volatility in the markets. As far as we don't see a four hour close above 890.55, the direction remains to the downside. Therefore, today we expect to see fluctuations with slight tendency to the downside.

The trading range for today is among the key support at 820.90 and the key resistance at 890.55

The general trend is to the downside a far as 934.00 remains intact with targets at 649.20 and 615.60

Support
847.65
846.80
838.80
836.40
835.40

Resistance
857.20
858.20
866.95
879.20
888.50

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