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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: patron_anejo_por_favor who wrote (270965)12/15/2003 8:37:05 PM
From: orkrious  Read Replies (2) of 436258
 
lance lewis continues to be bearish on gold (and I believe short the SA's). I think today's action was bullish and he's wrong, BWTFDIK?

Crude oil opened lower but recovered to end up 14 cents. The XOI fell a percent and the XNG fell a hair. The CRB gave up half a percent. Gold printed as low as $401 spot overnight in Asia in the wake of Saddam’s capture as a result of a pop in the dollar. Gold then opened down nearly $5 in NY, and that was also the low for the day. The dollar began to roll over from there, and the metal spent the remainder of the session slowly grinding higher in response. The metal briefly got up over a dollar or so and just a buck or so away from a new high, but there was a slight giveback into the close to take it out down 20 cents to $410.30. The HUI rose a percent, but closed well off its best levels of the session, which unlike the metal never even surpassed Friday’s highs and continue to sit well of their peaks for the move back in early December. That’s bearish. Again, the dollar may be reaching some sort of climactic downside move here ahead of a bear market rally, and the metal appears to want to spike higher as the dollar sinks But the gold shares have already discounted such a rally. So, we can’t expect them to trade with the metal from here. What we’ll see more than likely is exactly what we’ve seen since the March lows, the gold shares trading virtually lockstep with the S&Ps. But anything can happen I guess… Let’s see what happens, and we can go from there.
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