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To: Lucretius who wrote (143543)	1/14/2002 8:01:54 AM
From: Tom Smith	Read Replies (1) \| Respond to of 436258

all chart-chasers will be destroyed....or something like that......

To: Lucretius who wrote (143543)	1/14/2002 9:03:48 AM
From: Secret_Agent_Man	Respond to of 436258

``The market seems to have retraced to its level of support and it will hold here,'' another trader said. Some dealers said that in the absence of fresh news to move the market, bullion was likely to stick to its new $284.00/290.00 trading range, with market players reluctant to make significant moves ahead of the Bank of England (BoE) sale on Wednesday. ``People will, as usual, take some small, not large, short positions ahead of the auction as we are now at a very good level, but that's all,'' another trader said. Wednesday's auction will be BoE's next-to-last sale in a programme begun in 1999 to reduce Britain's bullion reserves by 58 percent to 300 tonnes. Gold's near-term trend remained bullish and price dips at present should be seen as corrective, traders said, adding that the market needed more consolidation at present levels before considering sustained moves to the upside. Echoing similar views in the market, a dealer said BoE's penultimate gold auction on Wednesday would do little to prices. ``I see the auction as a non-issue. The only interest people have in this auction is that there is one. The market is just waiting for direction from somewhere,'' the dealer said. ``At the moment, the market is friendly to the price of gold but it needs some new impetus...we don't have that,'' another trader said. biz.yahoo.com