DAN NORCINI'S COMMENTS FROM TUESDAY 1/20/09

EXCERPT:

"Technically gold blasted through two overhead resistance areas with seemingly little to no opposition. The first one at $840 was gone without gold breaking a sweat; the latter zone near $860 also was breached as buy stop momentum carried prices through it sending the shorts reeling before bullion bank selling came in and managed to suck up all the bids and drop it back below this level. The inability of gold to close strongly above the $860 level reinforces it as a significant barrier with $880 still lurking above that as the opposition to a move to the $1000 level. Support lies now at $840 and then below that near the $820 level."

AND THIS:

"it is difficult for me to see where the buying came from that pushed the Dollar higher seeing that Treasuries were hit hard while equities were also taken down sharply. If anyone was busy running into the US Dollar as a safe haven play, I sure did not see it."

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