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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: Lucretius who wrote (210068)	12/17/2002 4:15:04 PM
From: Dr. Jeff	Read Replies (2) \| Respond to of 436258

What's got you so clownish? If you're wrong, you're going to have to boot yourself. -bg- <<rally comin tomorrow.. this is just setting it up i think... small rest before VAROOM! >>

To: Lucretius who wrote (210068)	12/17/2002 4:18:51 PM
From: Broken_Clock	Respond to of 436258

Tuesday December 17th 2002, 2:15 PM ODJ NY Precious Metals Review: Gold Off Highs But Still Firm -- Weak Dollar, Firm Oil Price Spark Early Rally To 5-Yr Highs -- Profit Taking, Producer Selling Turn Tide Through Session -- Mar Silver Matches Gold But Extends Downside Slide -- Jan Platinum Higher Again, Stalls At $610 By Gavin Maguire New York, Dec. 17 (OsterDowJones) - Comex Feb gold futures settled 40 cents higher at $338 per ounce Tuesday after a choppy day. Prices soared to fresh 5-year highs of $343 early on a weak dollar and high oil prices before those early gains were steadily pared through the rest of the session on profit taking. The concurrence of the recent surge in oil prices, pronounced weakness in the U.S. dollar and comments from U.S. Secretary of State Colin Powell that "there are problems" with Iraq's weapons declaration were major contributors to the early strength, dealers said. However, good levels of profit taking by net-long large speculators plus a "healthy dose" of producer selling into the strength eventually halted the gains around an hour into the session. That selling then gained more substance on the back of the recovering U.S. dollar and forced Feb back to the day's lows of $363.50 level by 1145 ET (1645 GMT), a dealer noted. Thereafter, many players converged on the sidelines and monitored the more stable dollar and stock markets and confined Feb gold to a $337.00-$338.50 range the rest of the session. Dealers agreed that the weak dollar, high oil prices and heightened geopolitical tensions will remain major positive drivers of the gold market over the coming days and target the $350 level by the end of the year. However, continued profit taking from major players looking to square books by the year-end will remain a feature into the strength and temper any ascents over the coming days. Feb's support is seen around $335 initially, then around $330 and the 10- day moving average just below that level, and then around $327.50, dealers agreed. On the spot market, gold followed a similar path to that of Comex futures through the session. Spot gold peaked early around $342 and fresh five-year highs on a continuation chart before easing to the $337.53-$338.00 region by the end of play. Resistance is seen at $350, while support is expected around $335, $330 and $328.50 initially.