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

To: The Street who wrote (29764)	3/11/1999 12:54:00 PM
From: long-gone	Respond to of 116764

Message 8267924

To: The Street who wrote (29764)	3/11/1999 1:26:00 PM
From: lorne	Read Replies (1) \| Respond to of 116764

Gold may be poised for rally Date: 11/03/99 Gold hit its highest point since December, amid fund short covering and speculation that China could devalue its currency, prompting talk of a rally in world prices. Spot gold rose as much as 1.5 per cent in overseas trading on Tuesday, adding to a gain of nearly 1 per cent on Monday, taking prices as high as $US294.15 an ounce. Spot gold broke through the 200 day moving average price, an indication that prices are going up. This "technical trigger" prompted funds to jump to cover their short positions. Bell Securities gold analyst Mr Keith Goode said in a research note yesterday: "If the June futures price provides confirmation by breaking its 200-day moving average at $US298 an ounce then spot gold prices could rally to $US305 to $US310 an ounce and gold shares could surge for a two to three-week rally." Nevertheless, gold prices in local trading lost some gains yesterday, while the Gold index fell 1.40 points to 1026.70 points. Newcrest Mining shares rose 4c to $2.70 outperforming the majority of its peers. Normandy Mining fell 1c to $1.34, Acacia dropped 4c to $2.28 and Delta Gold fell 2c to $2.63. smh.com.au