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Gold/Mining/Energy : Nuinsco Resources (NWI) -- Ignore unavailable to you. Want to Upgrade?

To: E. Charters who wrote (1379)	3/11/1999 7:59:00 AM
From: LaFayette555	Respond to of 5821

off topic - GOLD spot gold at 294.55, the TA guys belive if we cross 295 it could go to 300.. if they all belive that it could be a self fofilling prophesy "Gold wrestles with key resistance in early Europe LONDON, March 11 (Reuters) - Buying by funds lifted gold prices in early European trade on Thursday but technical resistance overhead was likely to stifle any attempt at a sharp rally, dealers said. Also helping to underpin prices were comments made at a forum in Australia suggesting the European Central Bank (ECB) was unlikely to permit national European banks to sell gold reserves in the near future. London gold fixed at $293.80 a troy ounce in the morning, up from Wednesday afternoon's $291.80. Spot gold was last at $294.20/$294.60, up from Wednesday's New York close at $292.70/3.20. One London dealer attributed the rise to funds having closed out their short positions since the commitment of traders report 10 days ago by the Commodity Futures Trading Commission. ''The reduction in open interest since the last CFTC report shows there are short funds out there and it will prompt some more short covering,'' he said. A push above the elusive $294.00 resistance level -- which twice capped rallies earlier this week -- could trigger a move to as high as $298.00/$299.00, but the metal would then settle back into a dull range, he added. Nigel Lawson, former British chancellor of the exchequer and current chairman of the European Central Trust, told the Australian Gold Conference overnight that the ECB was unlikely to sanction central bank gold sales any time soon. He estimated that national European central banks held about 40 percent of the world's gold reserves. "