Gold ended the month/year at current 1096. It has been a great year for the metal with price up 24% from Dec 31, 2008's close of 882. December has been a terrible month with Gold down 7% from November's close at 1179.  This has been the 5th down week in Gold since reaching record 1226.50. We believe risk for Gold remains lower to 1018 which is the 38.2% Fibonacci correction of our 682.50 post Lehman crisis low to 1226.50 euphoria high. Our view would shift neutral should we close back above 1120.Now support for the gold MCX is seen at 16697 and below could see a test of 16660. Resistance is now likely to be seen at 16761, a move above could see prices testing 16788.

Trading Ideas:

Gold trading range is 16450-16950.

Gold prices were up 24% from Dec 31, 2008's close of 882$

SPDR Gold Trust Holdings rose by 0.91 tonnes and settled at 1133.62 tonnes.

Support for Gold an MCX is at 16680 and in spot is at 1092$.

SELL GOLD FEB ON JUMP @ 16800-820 SL 16865 TGT 16765-16722-16705-16678. MCX