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Gold/Mining/Energy : Gold Price Monitor

GDXJ 98.59

-2.8%

Nov 13 4:00 PM EST

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To: Giraffe who wrote (15112)	8/1/1998 2:31:00 PM
From: Crimson Ghost	Read Replies (2) of 116762

Gold's technical action is indeed horrible. It no longer rallies much if at all when the dollar goes down or the yen goes up, but tanks immediately on any hint of yen weakness and/or dollar strength. Gold continues lower despite downward pressure on US stocks and bonds and bullish COT data. Watching the action closely, one can see the entire gold complex is champing at the bit to go lower on the flimsiest of excuses. In fact gold's technical action is so bad that I am optimisitc the bear will end soon in a final washout. This kind of action reminds me of US stocks in late 1974 just before the end of the second worst stock bear of the twentieth century. In other the action is so bad that it probably heralds a turn soon.

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