Iomega Corporation

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Wednesday, November 15, 2006

Precious Metals Update

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We have some very Important Economic Datas coming up thursday and Friday, which can change the whole Picture for the precious metals.
The dip around 615.50 level on Wednesday, where Reversal took place, was an Advantage, the Rally took place, due to Crude Oil Inventories which came Positive for Crude Oil to Push higher.
We have Set of economic Datas today, which will be Highly focused.
We might See back to 635+ Again

OR we should see 613.50 First Touch, if Support doesnt mantains there, where 100 MA - Daily Chart lies.
OR else we shall touch 607.80 where 200 MA - Daily Chart Lies.
These are Important Numbers.

However, we have been notified there are some Big Fund managers who are Still Holding there LONG Positions, and i presume most of the people are, Momentarily, we have seen nice Profit-Taking, at the same time, we have seen a Nice technical Bullish Channel Forming up.

Main Key is to Look out for Set of Economic Indicators on Thursday and Friday. And we shall be Reporting them here, as they come out. Focus Closely on USD Index and Crude Oil.

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