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Gold/Mining/Energy : Blue Chip Gold Stocks HM, NEM, ASA, ABX, PDG -- Ignore unavailable to you. Want to Upgrade?

To: Wade who wrote (774)	7/29/2003 9:02:04 PM
From: Wade	Respond to of 48092

I found this: futuresource.com ODJ NY Precious Metals Review: Gold Slips But Holds Above $360 -- Steady Dollar, Speculative Long Position Spark Profit Taking -- Further Profit Taking Allowed For In Coming Days -- Silver Settles Lower But Well Off Early Lows By Gavin Maguire New York, July 29 (OsterDowJones) - Comex Aug gold futures sank $3.20 to $361.70 per ounce Tuesday on long liquidation and profit taking spurred by the more stable tone of the U.S. dollar and a lightening in the recent speculative buying interest. Some price slippage had been expected following Aug gold's stretch to eight-week highs in recent days on speculative long accumulation, sources said. That Aug proved unable to extend the push above the $367 level Monday - combined with the fairly stable showing by the U.S. dollar - saw the speculative bids for gold dry up slightly and proved the catalyst for the long liquidation seen overnight and through Tuesday. Additional long liquidation has been allowed for over the coming days should no fresh waves of fund buying emerge. The $360, $358 and $355-$356 regions are eyed as probable locations of support for prices basis the Aug contract. For Dec prices, support is touted around $362, $360 and $358, dealers said. However, much depends on the tone and direction of the euro relative to the U.S. dollar. Any further probes higher in the European currency are expected to generate additional buying interest in gold that could renew the recent upward path. On the other hand, any dollar gains at the expense of the euro are seen applying additional pressure on gold. Spot gold is deemed subject to the same rules. Support is flagged around $360 and $358 initially, while resistance is expected around $367-$368 ahead of the $370 mark. Sep silver futures opened 12 cents lower at $5.075 following a spate of profit taking and long liquidation overnight. However, the softer prices were viewed as a buying opportunity by the speculative community, which has steered silver prices to one-year highs recently. Sep subsequently returned above $5.10 to the $5.165 area by settlement. Sources said that while further speculative buying may be seen over the coming days, at some point a spate of profit taking and consolidation is seen taking place. In that event, downside targets for Sep include the $5 levels and the $4.95-$4.96 region, dealers said. In the meantime, however, sellers remain scarce and the $5.20-5.25 region remains eyed as a viable upside target. Nymex Oct platinum secured a $1.60 gain to settle at $698 and a contract high. Prices had poked above the $700 level to $701 very early in the session but ran into profit taking and less buying interest at those rarefied levels. On the spot market, prices are nearing their highest levels since early May 2003, but further gains have been allowed for near term. However, profit taking and short selling are expected in the $710 area as that level capped progress so far this year, and prices are already nearing overbought territory on the charts. Support is seen around $690, $685 and $680 basis Oct futures on any descent. Sep palladium gained $4.85 to settle at $178.35 to close the session at its highest level in 15 days. Further gains are deemed possible near term, with the $185 area targeted. However, some profit taking is also deemed on the cards, sources said.

To: Wade who wrote (774)	7/30/2003 7:45:05 AM
From: Louis V. Lambrecht	Read Replies (1) \| Respond to of 48092

Wade, the "blimp" of the Dollar on a longer term chart must not be taken lightly IMHO. Technically, Friday printed a higher low, and since March this year, I leaarned to take higher lows more carefully. Only a clear break below June 16th would confirm the bearish trend. Bonds are nearing a congestion of supports. Does not mean they will rebound. Bands and channels are true only until broken. And there are some other oddities (I could join Jim Sinclair on these). July 22, Euro broke a first resistance @ 1.13, conveniently the news came out of the killing of Saddam's sons. Didn't work because that spoiler of Stephen Roach published his second "weekly" commentary of the week, telling he turned bearish on bonds. Euro ran towards next resistance 1.15 lvlamb.itgo.com Geez! We need a second attempt, rumors of SH to be killed. lvlamb.itgo.com By writing, gold is below 360, Euro keeps falling. Can be "liquidation of long positions" on the London market. Dispite all my efforts, I never succeeded to find reliable data on the London futures and options market for gold. I presume these futures follow the same rules as the other in the UK and that the standard contract is the 3-month, hence, we have futures and options liquidating at the end of each month. If anyone can help.