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 (6462)	2/2/2001 10:06:02 PM
From: Rextar98	Read Replies (1) of 19219

Golden Bear?????? Date Index XAU likely to retest 2000 lows by Jayanth Rajan 29 January 2001 23:11 UTC < < < Thread Index > > > The Philadelphia Gold/Silver Index (XAU) closed today at 47.52 and the low was 47.44. The December low (see chart) was 47. The index stalled at the green 200-day exponential moving average. If the yellow neckline were to break on a closing basis, we should see a move of rougly 53.23-47=6.23 points from the breakdown point or a target price of about 41. 53.23 was the December high. Technically, the neckline broke today but I would wait for the December low to be taken out on a closing basis. I think this index made a significant long-term bottom in October last year. I expect the retest of those levels to hold (although the price may drop a teeny bit below the Oct low) and think that buying at the retest level will be very rewarding this year. My expectation is that the index will head up to the mid-60s later this year and possibly as high as 80 by the end of the year. For a longer-term cycle perspective on the XAU Index, see my LW post csf.colorado.edu . He's no Jack Nicklaus, but ya gotta like that swing!

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