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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: bobby beara who wrote (12365)	5/29/1998 4:37:00 PM
From: Tom Byron	Read Replies (1) \| Respond to of 116845

bobby: Looks like the XAU is doing what it likes to do best when finishing off a 5 weeks downer: that is ending at or near its lows of the 5 weeks down. :( I say we now begin the 5 weeks UP starting next week. My long awaited "POP" or Impulse Wave up to around 95-99 area before we head down again. IMHO. (^.^)

To: bobby beara who wrote (12365)	5/29/1998 6:38:00 PM
From: goldsnow	Respond to of 116845

Gold and silver find support, higher in Europe 10:55 a.m. May 29, 1998 Eastern LONDON, May 29 (Reuters) - Gold and silver found new support levels and moved higher in late European trade on Friday but palladium remained volatile and traded in a wide range, dealers said. Spot gold was last quoted at $293.10/$294.60 an ounce from the previous New York close at $292.95/$293.45. Bullion also fixed higher in London in the afternoon at $293.60 vs the morning fix of $292.40. ''Gold is still somewhat range-bound, it broke through the $295.00 support but it has found tremendous support around $291.00,'' one London dealer said. He said gold and silver had seen quite a lot of selling but was looking solid and could move higher by the time New York trading closes. ''The pressure in both gold and silver over the past few days have been fresh positions taken on the short side and for the time being they could actually start to play the long end of the ranges again,'' the dealer said. Brokers GNI said in a report that gold had resisted further falls despite overnight yen weakness, citing Australian currency's resistance as the reason. GNI foresaw stability in the gold price until the new European Central Bank made clear, or at least clearer, what role it planned for gold within its reserves. Silver recovered from falling below $5.00 -- a level last visited on November 12 last year. Dealers said silver fell on long liquidation but managed to make a good recovery on COMEX. Silver was last quoted at $5.06/$5.09 vs the $5.03/$5.05 previous close. Palladium remained choppy and was last quoted at $292.00/$302.00 from the previous close of $297.00/$307.00. It traded in a $61 range on Friday. A senior dealer said Russian export agency Almaz was due to consult Japanese clients next week on the 1998 platinum-group-metals requirements but Russian officials were not expected to visit Tokyo in person. Palladium fixed at a seven-week low on Thursday afternoon, down nearly 30 percent from its record high of $417 ten days ago as dealers spoke of persistent but unidentified sales of physical metal. Platinum was last at $363.00/$365.00 from the previous close of $366.00/$368.00. ((Marius Bosch, London newsroom +44 171 542 8065. Fax +44 171 542 8077. london.commodities.desk+reuters.com))