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Gold/Mining/Energy : Alta Gold

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To: Francois H. Gaston who wrote (407)	1/24/1998 9:45:00 AM
From: Dwight Taylor	Read Replies (1) of 749

Francois--from GPM With COMEX estimated volume at 110,000 lots, it will be important to see how much of the rally could be attributed to short covering, which will be made clearer around noon on Monday when the open interest figures for Friday's trading are released. The less the quantity of short covering, the greater the likelihood of an extended rally. Gold is now about one percent above its fifty-day moving average, which represents an important technical point, and is also just above the critical downward trendline formed by connecting the descending peaks on a weekly chart dating back to the first week of February 1996. Gold mining shares, meanwhile, gained an average of ten percent on Friday.

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