Market Analysis for Feb 18th, 2005

For today's Mid-Day Minute, Mike writes: While the equity indices remain very subdued ahead of options expiration, let's have a look at a different market altogether... spot gold prices. Since its Feb. 4th low at 410.00, spot gold prices have climbed strongly to the 430.00 area, which represents a two week resistance band (during Jan.) as well as the coordinate of the declining 54 DMA. The ability of the price structure to hold and consolidate in the 428.00- 422.00 area, and then thrust above 430.00 will be considered very bullish behavior for a run at 440.00-450.00. At this juncture, only a decline that breaks and sustains below 421.00 will weaken the near term upside potential.

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