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To: Jorj X Mckie who wrote (67411)	10/8/1999 12:35:00 PM
From: John Pitera	Respond to of 86076

:) I was scanning through some GOld Technicals on the SB site and they are talking about 377 resistance after the 327-29 area ....damn..(what have these guys been smoking -g-) the open interest has declined by 10%, which should be bullish, often you get a big expansion in open interest to cap off a price rally in a commodity. ********* GOLD DEC Short/intermediate-term trends up. Resistance 320-329, then 377. Support 290-280. Up potential 377 and 400. High level consolidation around 320 has developed after Tuesday's spike high at 33800. While cannot rule out further near-term pullback, the bottom of an open gap (31200-30530) is nearly coincident with a 38.2% retracement (30620) of the entire rally and that area should define a worst case pullback scenario. A positive looking Wed finish did not get anticipated Thur followthru. Prices were uninformative, trading in a neutral "inside" range with marginally lower close. Note that Tue-Wed saw an open interest drop of 10.7%, a substantial two day drop, which we interpret as the advent of hedge lifting and precursor of higher prices.jn10/7