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Morning Precious Metals Review for March 4, 2004

Sponsored By: NSFutures.com



-- Posted Thursday, 4 March 2004 | Digg This ArticleDigg It!

METALS: OVERNIGHT CHANGE to 04:04 AM:GLD+1.40, SLV+2.80, PLAT-0.50 London A.M. Gold Fix 394.15 +$3.65 LME COPPER STOCKS 272,075 -3,150 tons COMEX Gold stocks 3.47 ml Unch Comex Silver stocks 126.3 ml +2.9 ml

OVERNIGHT ACTION: The slightly higher dollar and some support from buyers in Asia supported a bounce in gold overnight with April futures up almost $2.00.

SILVER: Silver is following the economy and the currency movements so the stronger economic numbers are supporting the industrial metal while the strong dollar scares off investors. Resistance for May silver comes in at 684.80 with support levels at 658.50 and then 649.20 which is a 50% correction of the Jan- Feb rally.

GOLD: April gold remained under pressure for most of the day yesterday as the dollar continued to rally and the Euro decline on expectations of a recovery in US jobs and indications US rates have bottomed. The close back over the late February lows at 391 helped support a positive tone overnight. Hold the long June 390 put (+.40 to $10.80)/Short April 395 put (+.50 to $8.00) as time decay should limit the appreciation of the April put on any coming weakness. There was talk yesterday that Central banks may soon look at limiting official gold sales to 2000 tonnes over 5 years with the pact which was signed in September 1999 set to expire this year. Some traders believe that the amount of sales could be boosted to near 2500 tons but most agree that the extension of an agreement will be done soon instead of waiting until September. Selling resistance for April Gold moves down to 399.60 with 383.80 as next downside objective.

METALS TECHNICAL OUTLOOK 3/04/04

SILVER (MAY): It is a slightly negative indicator that the close was lower than the pivot swing number. Initial support for silver is at 664.2 and below there at 652.9 with resistance likely at 677.1 and 686.2. The market's close above the 9-day moving average suggests the short-term trend remains positive. Negative momentum studies in the neutral zone will tend to reinforce lower price action. The next downside target is 652.9. The daily closing price reversal up is positive.

GOLD (APR): Support for gold today comes in near 386.48, while resistance is pegged at 397.08. Daily stochastics are trending lower, but have declined into oversold territory. The next downside objective is now at 386.48. The market's close below the pivot swing number is a mildly negative setup. The market's short-term trend is negative as the close remains below the 9-day moving average.


-- Posted Thursday, 4 March 2004 | Digg This Article

***This report includes information from sources believed to be reliable and accurate as of the date of this publication, but no independent verification has been made and we do not guarantee its accuracy or completeness. Opinions expressed are subject to change without notice. This report should not be construed as a request to engage in any transaction involving the purchase or sale of a futures contract and/or commodity option thereon. The risk of loss in trading futures contracts or commodity options can be substantial, and investors should carefully consider the inherent risks of such an investment in light of their financial condition. Any reproduction or retransmission of this report without the express written consent of Hartfield Management, Inc. is strictly prohibited.



 



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