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To: bentway who wrote (519859)	1/5/2004 5:42:35 PM
From: Hope Praytochange	Respond to of 769670

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To: bentway who wrote (519859)	1/5/2004 6:17:22 PM
From: Hope Praytochange	Read Replies (1) \| Respond to of 769670

Technical Outlook YEN (MAR): The market's close above the 9-day moving average suggests the short-term trend remains positive. A new contract high was made on the rally. The gap upmove on the day session chart is a bullish indicator for trend. Since the close was above the 2nd swing resistance number, the market's posture is bullish and could see more upside follow-through early in the session. Swing resistance is targeted at 94.58 and above there at 94.65, with the yen finding support around 94.36 and below there at 94.21. Studies are showing positive momentum, but are now in overbought territory so some caution is warranted. The next upside target is 94.65. The 9-day RSI over 70 indicates the market is approaching overbought levels. EURO (MAR): Momentum studies are trending higher, but have entered overbought levels. The near-term upside objective is at 1.2692. The market is in a bearish position with the close below the 2nd swing support number. Swing support for the Euro comes in at 1.2600, with overhead resistance at 1.2692. The market's short-term trend is positive on a close above the 9-day moving average. With a reading over 70, the 9-day RSI is approaching overbought levels. The market's key reversal down is a bearish signal. The rally brought the market to a new contract high. The gap down on the day session chart is bearish with more selling pressure possible today. PRECIOUS METALS RECAP 1/5/2004 Gold and silver were propelled to new contract highs with gold now at the highest price since 1988 on aggressive fund and speculative buying. A combination of factors have been responsible for the stellar rally in precious metals and include a weaker dollar, indications of robust economic growth, Fed to leave rates low, a strong stock market with expectations for strong corporate earnings, an upswing in world wide investment & physical demand for metals, a hightened terrorist alert and bullish chart pattern. Feb gold's next target is $430 while March silver has a target of $6.50 on a solid move over $6.35. Technical Outlook SILVER (MAR): Since the close was above the 2nd swing resistance number, the market's posture is bullish and could see more upside follow-through early in the session. Initial support for silver is at 612.8 and below there at 597.9 with resistance likely at 623.7 and 636.3. The market's close above the 9-day moving average suggests the short-term trend remains positive. Daily stochastics turning lower from overbought levels is bearish and will tend to reinforce a downside break especially if near-term support is penetrated. The next downside target is 597.9. The 9-day RSI over 70 indicates the market is approaching overbought levels. A new contract high was made on the rally. The gap upmove on the day session chart is a bullish indicator for trend. GOLD (FEB): Support for gold today comes in near 415.63, while resistance is pegged at 431.03. Momentum studies are trending higher, but have entered overbought levels. The near-term upside objective is at 431.03. The market's close above the 2nd swing resistance number is a bullish indication. The market's short-term trend is positive on a close above the 9-day moving average. With a reading over 70, the 9-day RSI is approaching overbought levels. The rally brought the market to a new contract high.