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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Crimson Ghost who wrote (19323)	12/22/2004 1:17:26 PM
From: mishedlo	Respond to of 116555

Euro is bumping up against resistance too. Even a mere .01 drop in Euro can cause a decent selloff in gold. Mish

To: Crimson Ghost who wrote (19323)	12/22/2004 1:23:02 PM
From: mishedlo	Respond to of 116555

From Heinz on POG: it's still in the short term uptrend channel, but that could easily be broken. until that happens i'm inclined to ignore formations like flags - there have been several of those in recent months after all. that said, my doubts about gold's near term outlook are certainly growing. over the past three trading days money flows into gold stocks have begun to deteriorate...sentiment is still sufficiently skeptical to allow for a snapback, but if one reviews the charts of gold stocks, they don't exactly inspire confidence at this point (aside from a few exceptions). but the money flows issue is the most important for me - it's rare to see those go negative BEFORE prices have increased after a sizeable period of positive flows. might be lack of participation on account of the holidays, but i'm generally not in favor of such rationalizations. iow, gold related long positions should sport very close stops... =================================================================== Mish note: I do not know if heinz saw that NEM article yet. I did send it to him Not sure if that is affecting money flows or not but a marked deterioration in money flow is unlikely to be a good thing.