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Tuesday, September 20, 2005
Here is an updated hourly chart of pit and electronic trading in December gold. As you can see the market exceeded the top of the box near 469 and nearly reached the 1/2 point of the next box. I do think we will see a reaction here. My best guess is that the market will drop either to 463 or to 455. In either case I expect the next leg up to carry to the top of the next box near 482.