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Strategies & Market Trends : Natural Resource Stocks
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To: isopatch who wrote (859)9/25/2003 1:20:29 PM
From: ItsAllCyclical  Read Replies (2) of 108705
 
A few reasons for the potential pullback in gold that I've heard or thought about so far:

1) Manipulation. As Iso says watch the bigger market which is the US Dollar for direction. US Dollar is not being ramped higher as such this pullback seems ST in nature.

2) CNBC was pumping gold supposedly around the high today. Reason enough for contrarians to short or take profits.

3) So far gold in Yen terms has mirrored the US Dollar since Japan was trashing their own currency and supporting ours. Of late Japan has allowed the Yen to appreciate vs the US Dollar. This may be causing more resistance around these levels than we suspect.

4) Everyone pretty much assumed that once 390 was broken 400 was automatic. Simply too many bulls ST?

Either way buying back a modest position of KGC here at 7.84.
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