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Gold/Mining/Energy : Gold Price Monitor

GDXJ 128.56

+6.1%

Feb 6 4:00 PM EST

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To: Edmund Lee who wrote (22549)	11/3/1998 3:02:00 PM
From: Don Green	Read Replies (1) of 116972

This morning's market comment from Prudential.. Gold ($290.20 basis the December futures contract) is rapidly headed for a test of support at $290.00 violation of which would yield downside risk to secondary support at $280.00 (high probability near term). A significant loss of upside momentum in the two-month recovery uptrend has been seen over the last few weeks. Initial resistance continues to be seen at $296.20, while long-term resistance is seen at $303.70. A move through that level would be necessary to suggest that the major downtrend in gold is being terminated. Targets to $323.00 and $353.00 would then be attainable. In the interim, a $280.00 - $296.20 range is anticipated.

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