Strictly: Drilling II Message Board

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Strategies & Market Trends : Strictly: Drilling II

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To: jimsioi who wrote (26242)	1/22/2003 7:40:32 AM
From: Louis V. Lambrecht	Read Replies (2) of 36161

jims101 - I reckon gold is due for a correction. Unless we print 362.5-363 intraday, I still have a bearish wedge with a target of -$15. $363 would draw an uypward channel, also $15 wide, so I can expect volatility. However, I have more compelling targets of: Dollar index 96.5 and EUR/USD 1.1 one or two weeks from here. Roughly 4.5%. Should gold only rise 3%, we would print $370. Hence, my view is: we have a step-up revaluation of the PoG. 330-350-380- then no resist. Happens sometimes, most usually on small caps pump and dump schemes, but also on legit moves as BAY last year I incorrectly evaluated (Hello Claude). Pre-requisite: print $362.5-363 today, tomorrow latest. Or, take the wedgie correction $337ish. I am more confident on the currencies trend.

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