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Strategies & Market Trends : Strictly: Drilling II
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To: longdong_63 who wrote (13887)6/5/2002 9:45:39 AM
From: rolatzi  Read Replies (1) of 36161
 
I see support at 317 as gold has been finding support at the 50 dMA.
A 50% retrace of the last run up gets us down to 308 while a 38% retrace takes us to 313.
Think of this retracement as an opportunity for the hedged companies to cover some of their hedges. I think that the hedging places a higher bottom on the POG and therefore look to 317 as the price to buy.
good luck to you, I have too much GFI.
Ro
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