Gold Futures (U.S. $445.90)

The price of gold has exceeded my short term target of $440 in the recent rally and the next resistance is at the December 2004 high in the area of $456. I continue to believe that $456 represents an important stopping off point in the long term uptrend. While I'm not optimistic about penetration of this resistance level on the near term, I suspect that gold producers will do exceptionally well even if gold hangs around at this level for several months.