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Gold/Mining/Energy : Gold Price Monitor
GDXJ 147.42+2.2%Jan 27 4:00 PM EST
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To: Gabe Heti who wrote (96035)10/6/2003 7:11:00 PM
From: Chispas  Read Replies (1) of 116927
 
Friday's drop...Steve Saville prob explained it best...

Only surprise so far is that the drop in the gold price to test support at 370 occurred over the space of 2 days rather than 2 weeks. This, in turn, probably means that the gold-market correction is going to be over a bit sooner than previously expected.
Below is a weekly chart of the gold price. Note that the weekly charts we show at TSI are always 'continuous', meaning that the price at any point on the chart is based on the nearest futures contract at that time. For example, October-2003 is currently the nearest futures contract so last week's 'candlestick' on the below chart reflects the action in the October contract. Similarly, during July-August the nearest futures contract was the August-2003 contract so the candlesticks in this timeframe reflect what happened to August gold. For this reason a daily chart of, say, December gold will typically show different support/resistance levels than a weekly 'continuous' chart.

Whereas the daily chart of December gold suggested a target of $370 for the current correction, the below weekly chart shows equivalent support at $365. Either way, gold is probably close to its orrection low.

safehaven.com
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