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Gold/Mining/Energy : Alta Gold

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To: Mark Adams who wrote (623)	5/9/1998 11:29:00 AM
From: Bruce McGaughey	Read Replies (1) of 749

I think this sums up where we're at, right now. This is also from "The Privateer" We have a very tight situation here. The criteria for all the Gold bottoms documented on this page are twofold. Please keep in mind that all these charts are weekly charts. First - Gold has to break above its 20 week (100 day) Moving Average. Second, the moving average itself must be increasing. The third criteria is that once Gold gets above its MA, it must stay above it. With the MA itself now almost back to the $US 300 level, we can say that by the criteria used here to find previous market bottoms, Gold cannot dip below the $US 297.80 intra day low it set last week. In fact, a weekly close below $US 300 in the coming week would probably put Gold below its 20 week MA. Below about $US 298, Gold would also be below the uptrend line shown on the chart. Finally, take a look at the longer-term weekly Gold chart. You can see that Gold is now squeezed into a "corner" between the two trend lines. Support is just below $US 300 - resistance is around the $US 310 level.

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