Gold Market Resistance - U.S. Metals Commentary

U.S. Metals Commentary
By Nell Sloane
FMNN Commodities Analyst
Founder of NSfutures.com
http://www.nsfutures.com/

GOLD (DEC) 11/03/2005:
Momentum studies trending lower at mid-range could accelerate a price break if support levels are broken. The market back below the 18-day moving average suggests the longer-term trend could be turning down. The market has a slightly positive tilt with the close over the swing pivot.

The next downside target is now at 459.5. The next area of resistance is around 466.8 and 468.4, while 1st support hits today at 462.4 and below there at 459.5.


SILVER (DEC) 11/03/2005:
The major trend could be turning up with the close back above the 40-day moving average. Negative momentum studies in the neutral zone will tend to reinforce lower price action.

The close below the 18-day moving average is an indication the longer-term trend has turned down. The close over the pivot swing is a somewhat positive setup.

The next downside target is 738.3. The next area of resistance is around 763.5 and 768.3, while 1st support hits today at 748.5 and below there at 738.3.

Read the entire article at: FreeMarket News


Highland Gold acquires three Russian exploration properties:

Mid-level Russian gold miner Highland Gold said Wednesday that it has acquired properties for development in the Khabarovsk, Chukotka and Chita regions of Russia. Highland has acquired a 25 year license to develop and mine the Belaya Gora gold deposit.

The acquisition was made pursuant to a public auction at a price of $580,000. This acquisition falls under the participation agreement with Barrick, and accordingly Highland Gold will offer Barrick participation of up to 50% in the project. The C2 resources of the deposit, estimated in accordance with Russian methodologies at a cutoff grade of 2.73g/mt gold, amount to 466,000oz of gold grading 3g/mt.

Read the entire article at: MetalsPlace
http://metalsplace.com/metalsnews/?a=2842