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Gold/Mining/Energy : At a bottom now for gold?
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To: Keith Zhang who wrote (686)7/17/1997 10:13:00 PM
From: Bo Bob Brain   of 1911
 
Gold prices need more than a one day rally
to turn the long term downtrend back to the upside.
Technically the market still appears vulnerable to further
selling. The platinum market looks most vulnerable, as it
has already corrected, and the spread between gold and platinum
prices is very large right now. Would not be surprised to see
that the difference, which is about $70 right now, come back
to a more realistic level which would be close to parity.

The gold market opened slightly higher this morning, and
began pressing lower right after the open, but when the
selling ran out near the lows, prices started to rebound and
short covering did not stop until we moved to about the $325 area.
No fundamental developments in the market, this was most likely
profit taking, which spilled over to the silver market, where
those holding onto short positions began to cover.
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