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Strategies & Market Trends : Natural Resource Stocks

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To: Arik T.G. who wrote (10804)	5/11/2004 7:12:36 AM
From: Arik T.G.	Read Replies (3) of 108741

Market Comments Gold Recently Gold broke below the 52 weeks MA (now at 386), for the first time since April , and thus confirmed my expectations for a full IT correction (IT down correction to LT trend) expressed here in March/April. The fib 38.2% to the entire move from the 2001 low is at 363 but Gold doesn't necessarily has to get there. I wouldn't like any close below the 367 horizontal support, and if there is a break below that support without a trade over 384 to overlap on the recent low, then the fast move down should produce capitulation to end to the move. I would like to see some consolidation here - building sort of a floor to the high momentum move down. First a ST rally above 384 (my guess is it could get as high as 388-389) then a successful test of the recent low, will confirm that the correction is coming to an end and the LT uptrend can take the reigns again. ATG

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