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Gold/Mining/Energy : Gold Price Monitor

GDXJ 106.70

-0.3%

Dec 5 4:00 PM EST

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To: cool who wrote (23402)	11/25/1998 4:51:00 PM
From: Little Joe	Read Replies (1) of 116796

Daddycool: I have noticed the H&S forming in gold as well as XAU. Your interpretation of the extent of the move is the standard technical technique. There are a few things to understand according to Magee's Book on Technical Analysis: 1. Since the breakout will be to the upside, in order for it to be valid it must be accompanied by high volume. 2. The neckline must be broken by 3% in order for the breakout to be valid. 3. Each shoulder should be more or less similar. It could be argued that both of the shoulders are not alike, but in my view they are at least as similar as some of the examples used in their book. By the way there are many triangles forming in the gold stocks. These have not resolved yet so we can not glean much information from them. I think that the jury is still out on gold and gold stocks. It is important not to jump the gun and to be patient and wait for the signals to be confirmed. By the way it is normal after a breakout for their to be a pullback to the neckline and I have often used this pullback to establish a position. Live long and prosper, Little joe

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