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Gold/Mining/Energy : Gold Price Monitor

GDXJ 124.05

0.0%

Feb 2 4:00 PM EST

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To: Richard Mazzarella who wrote (8888)	3/26/1998 9:28:00 PM
From: bobby beara	Read Replies (1) of 116957

Richard, thanks for that gold forecaster update. If you look at the intermediate term CCI you can see what is called a megaphone formation which is a widening pattern versus a narrow triangular pattern - both are famous for leading into highly volitile periods. We are approaching overbought area in this rally, and for short term traders would do good to start selling into the strength which I believe will be early next week, 84-5 area is my target. From the pattern of the developing megaphone and other t/a, I believe that we have one more leg down to the 73-4 area, to make a final bottom in the XAU. bwdik, bobby

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