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

To: Edmund Lee who wrote (22549)	11/3/1998 3:02:00 PM
From: Don Green	Read Replies (1) \| Respond to of 116972

This morning's market comment from Prudential.. Gold ($290.20 basis the December futures contract) is rapidly headed for a test of support at $290.00 violation of which would yield downside risk to secondary support at $280.00 (high probability near term). A significant loss of upside momentum in the two-month recovery uptrend has been seen over the last few weeks. Initial resistance continues to be seen at $296.20, while long-term resistance is seen at $303.70. A move through that level would be necessary to suggest that the major downtrend in gold is being terminated. Targets to $323.00 and $353.00 would then be attainable. In the interim, a $280.00 - $296.20 range is anticipated.

To: Edmund Lee who wrote (22549)	11/3/1998 3:05:00 PM
From: long-gone	Read Replies (1) \| Respond to of 116972

I think it is telegraphing a higher price. bwdikrh

To: Edmund Lee who wrote (22549)	11/3/1998 3:14:00 PM
From: Zardoz	Respond to of 116972

It means that premium is being sacrificed. Which suggests that contracts are being sold down, as the POG goes down. It would be a positive if the spread widen as the POG dropped. More importantly is the depth of the contracts, and the volume of spot purchases. Speculation is a resistance level is being built. This is a bearish trend, and it will be putting pressure on the XAU... But the XAU can withstand a further decrease in the POG before breaking down. It'll take about $5-$6 {good guess} before the XAU will start to fail rapidly. goldsheet.simplenet.com Now if the US Dollar, via the US dollar index, is to appreciate when Britian lowers rate {maybe Germany???} than a cascade of the Spot, and the futures will blow the XAU. My guess is this is what the market is pricing in. decisionpoint.com {I wouldn't draw the chart the way they did... it needs more data on it}