Gold's Six Month Base Near Completion Message Board

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Gold/Mining/Energy : Gold's Six Month Base Near Completion

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To: Bill Murphy who wrote ()	5/21/1998 1:17:00 PM
From: Ray DeMoss	Read Replies (1) of 94

Hey cousin Bill Murphy, I married a Murphy! Good folks! Would you mind commenting on the following from the Kitco site? Date: Thu May 21 1998 11:22 Straddler (NJ, All Re: Confusion about Veneroso comments) ID#280215: Copyright c 1998 Straddler/Kitco Inc. All rights reserved Preacher, APH, EB and other technical analysts: Could you comment on this. Thanks! I read the Veneroso report and am a little confused at his technicals and what his ultimate conclusion is. On the one hand he advocates a strong up move coming with the quiet market and bearish tone. However, in the next few sentences, he mentions the six month long base and a huge pennant formation. I looked at the Monthly, Weekly, and Daily Gold charts again. The only pennant formation I see is an upward skewed pennant that has been building from a huge down move. In any technical education/analysis I've ever seen or heard, this is actually a very bearish formation. I'm confused because he obviously knows his stuff but seems to be saying two different things. The pennant itself may have more room to the upside based on Monthly and Daily indicators which show an upmove coming. We will probably get another upswing to complete the pennant ( shorter term ) . But if it is a pennant as he says, this usually indicates a strong move coming in the opposite direction ( downward ) longer term. Any comments??

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