Strictly: Drilling II Message Board

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Strategies & Market Trends : Strictly: Drilling II

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To: Crimson Ghost who wrote (15150)	7/4/2002 2:39:05 PM
From: nspolar	Read Replies (1) of 36161

[The XAU probably does not have much more to go on the downside..] George, this correction has been plotting pretty good and on track. If you are a waver XAU hits 65 or lower, high probability case. If you like to draw lines on charts, the apex of this declining wedge is way down around 57. If you like decisionpoint type stuff, the momentum oscillators are steep down, so steep another 5 point minimum XAU drop is very high probability. Charts, momentum oscillators also suggest POG will penetrate the 310 area soon, and drop back down to the 300 level. The support in the 290 to 300 area should be high. On the way up 290/300 gold meant 60/70 XAU. Conclusion from charts - XAU 65 or lower very high probability. My gut says heed the charts. Those that did the best in PM's over the last 1 yr plus were probably those who exercised patience, on average. Some good traders on this board take advantage of the up/down noise as well. So what is the best course of action - be patient and be a good trader both? I'll go for that. And this is another reason I'm over doinking around in semis. Figure I need a little improvement in trading skills, and you don't get it by watching.

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