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Daily Precious Metals Review for 21-Dec-04 (Dated Sample)	Copyright
Jump To: Charts & Data \| Fundamental Commentary \| Technical Commentary

Metals Commentary from Jeremy Smith at Traders Exchange Corp.

Metals: Feb. Gold continues to trade in tight $10 range in between $445 and $435 with all eye's looking at the Dollar/Euro pair. The Euro continues to respect the $1.34 resistance level and traders can look to add to Gold shorts around this level. Gold is still holding onto a massive long position and should be tested before any attempt to challenge the contract highs. Near term expect Gold to drift down and test near term support at the $432 level. Breaking $432 will open up a test of $420 or lower. The Metal Bubble is slowly bursting and traders that have long positions should be using extreme caution. We advise traders to get short on rallies. Gold started off the year near $420 and is up almost 4 percent for the year at current prices and we are expecting Gold to close out the year near unchanged or lower. Metals traders should have all eye's on the Dollar Euro Pair because breaking the 1.30 support level would cause severe technical damage to the Bull Case for Metals and probably sending Gold below the $400 level. Silver has dropped about $1.60 over the last two weeks and traders should be waiting for a rally to try and get short again. Silver traders following our daily trade activity should have been stopped out with about with about $8500 in profits on two contracts. Side lines for now in Silver. March Copper has near term support at the $1.30 level and resistance at $1.40 breaking support will target $1.20 quickly. Multi year tops being formed in Gold, Silver and Copper and valuation investors would probably not being buyers when the underlying asset is trading at multiyear highs. The Dollar needs to solidify before a significant top in metals will be formed. Long term Puts in Metals.

Jeremy Smith is Ceo and Head of Market Research with Traders Exhange Corp. (www.TradersExchange.com). Jeremy has enjoyed about 8 years of trading and founded Traders Exchange Corp. in 2002. Trading styles consist of strong blend of fundamental and technical anaylsis.

Silver Focus

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			Day's Change		52-Week High		52-Week Low
Instrument		Current	Points	%	Date	Value	Date	Value
Precious Metals							20-Dec-04
Palladium-nymex		185.25	6.25	3.37%	12-Apr-04	337.20	16-Dec-04	178.00
Platinum 1oz-nymex		842.00	4.00	0.48%	12-Apr-04	950.50	10-May-04	763.40
Silver-Mini, CBOT		6.81	0.02	0.37%	7-Apr-04	8.19	11-May-04	5.52

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source: DTN Market Access

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