Strictly: Drilling II Message Board

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Strategies & Market Trends : Strictly: Drilling II

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To: Rainier who wrote (15748)	7/15/2002 1:26:46 PM
From: rolatzi	Read Replies (2) of 36161

I can't see that the 200 dMA offers support. The XAU has not traded down to the 200 dMA in this current leg up. For that reason, I would look at other formations for support. We are perhaps forming a credible pennant from the last levels of support and resistance. These reflect a pivot at around 72-73 over the next week or two. The maximum pain gives a close of 75 on expiration this Friday, which is pretty much where we are now. I feel pretty comfortable with that number for this week. I don't see any other technical indicators which tell me where to buy or sell at this point. I notice that the POG is up well today but that the miners are not following through. As George Cole likes to point out, that is an indicator of further weakness. Ro

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