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Gold/Mining/Energy : Gold Price Monitor

GDXJ 105.33

+5.2%

Nov 26 4:00 PM EST

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To: Bexar who wrote (17139)	9/1/1998 11:47:00 AM
From: Giraffe	Read Replies (1) of 116770

A couple of observations: - although a number of people have said that gold has 'broken through support' I actually don't see that from the way I look at the charts. My 20 year chart of the London PM fix shows that the 'mean' price trend(based on least squares calculation) has a slight downward angle. This makes sense since the COP has been going down steadily. I draw my support and resistance lines in parallel with the mean so that its not such a big deal if it goes lower than the previous lows. It still hasn't hit my support line which is around 266 right now. - my slow stochastic of the PM fix at this point shows a very normal curve down into the oversold position. If the curve fails to return to the upside it would be pretty grim but at this point there's nothing to indicate where it will go. As I posted before, IF we have turn the corner with gold this is a very reliable buy signal but its too early to tell. Disclaimer: any resemblance to person or persons who have a clue what they're talking about is strictly coincidental.

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