Strictly: Drilling II Message Board

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Strategies & Market Trends : Strictly: Drilling II

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To: isopatch who wrote (23919)	12/23/2002 5:06:16 AM
From: Arik T.G.	Read Replies (2) of 36161

Thx, isopatch. Gold looks very strong IT, and the ST correction from the extreme overbought could end very abruptly cause momentum is strong. Strong support 331 (front month future, as usual) is unlikely to be broken. We may not even get there. IT target 372-373 should produce a longer correction / consolidation. PM stocks are lagging the POG (NEM is making lower highs while POG is making higher highs, and the XAU and HUI are still below the May 2002 high they made with POG of 330) is a very good sign IMO, supporting the IT and LT up trend. Also the USD chart looks very bad. After 3 dojis (reversal pattern if up today) it's down today again. If the USD does not improve till the close today we could be entering a capitulation (fast move down, aka crash) phase in the USD which automatically means that the ST correction in POG is dead only a day and a half old and the 372 IT target becomes ST target. ATG

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