MARKET INDEX TECHNICAL ANALYSIS - MITA Message Board

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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA

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To: J.T. who wrote (4218)	8/27/2000 10:03:50 PM
From: da_cheif™	Read Replies (1) of 19219

JT...RE GOLD QUESTION... XAU.the recent decline bullishly held 75% support and appears to have completed a deep 2nd wave pullback..from the low of aug 3 a clear impulse wave was generated to the aug 17 peak...the low of aug 23 filled the small gap of aug 11..the 75% support is 50.81...the low close on the pullback ending aug 23 was 50.72...a close above 52.07 and more importantly 54.60 shud ignite a blastoff...the xau has never left gaps unfilled to my knowledge...there are 5 lunfilled gaps in the xau all the way back to 73.21 at least....the goldman sacs prec metals idx is gpy.x...the aussie gold index is ausgo.....dec gold appears to have completed 5 waves down...lotsa gaps to fill above the market ...283.90 is the bubble.....sentiment is in fine shape....market vane reports 14% bulls for silver and 17 for gold....thats about 85% hating prec metals.....golds marginal new low against the backround of a rising macd pattern obviously a bullish looking situation.....now if gold would only pay attention to all that.....aug finishes on the 29th....that day is probably the focal point......fidelity select american gold bottomed a few years ago as you are aware and the relative strength in that fund which is roughly 30% above its low is another reason to be bullish....in the last couple years we saw argentina korea and london bail out of the metal....I feel the US is sucking up the metal like a sponge...I recall when the mint announced the upcoming sale of eagles 12 months in advance....gold was at 400 at the time...they took it up to 500 and at the glittering peak the public was lined up at banks to buy buy buy....here gimme that bag....the bagholders were left holding the bag as the mint did a fine merchandising job....now everything is 180 degrees....

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