Gold is on the Upside But Faces Resistance

On November 17, 2005 gold climbed to $487, an 18-year high, to continue its upside that began in April 2001. Three major gold indexes are on the upside: CBOE Gold Index (^GOX), Philadelphia Gold/Silver Index (^XAU) and Amex Gold Bugs Index (^HUI).

But gold is hitting resistance at $480 to $490, which could signal a top.

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