At a bottom now for gold? Message Board

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Gold/Mining/Energy : At a bottom now for gold?

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To: Bo Bob Brain who wrote (304)	4/28/1997 4:53:00 PM
From: Bo Bob Brain	of 1911

The precious metals have been trading in a well defined range, but when prices broke below the $4.65 area for the May silver, there was a large number of stop loss and fund selling. This accelerated prices lower throughout the afternoon. Silver prices moving to new contract lows in late trading, gold and platinum were sharply lower as well. The only positive today was the number of divergences created by the new lows in the silver market - prices went to new lows, but the technical indicators did not. This could be signaling that we could be establishing a low here, but I would wait and not try to pick a bottom. Only if we see strength develop and we get some of the buying triggers in the market, then I would be looking to get into the market. July silver down .11 to $4.66, June gold down $2,50 to $341.40. Elliott wave structure indicates that the daily close should not be below $340 for June, which is the front month. If $340 does not hold, gold is in big trouble.

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