Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : MDA - Market Direction Analysis -- Ignore unavailable to you. Want to Upgrade?

To: bobby beara who wrote (16943)	6/11/1999 5:49:00 PM
From: pater tenebrarum	Read Replies (1) \| Respond to of 99985

Bobby, gold is certainly short term oversold and due for a bounce. but it is hard to say when a lasting long term bottom may be reached; maybe Y2K concerns will manage to give it a more durable lift in the second half of the year. fact is that at the moment funds as well as small traders are near record net short the gold contract with commercial hedgers on the long side. this has usually been good for at least a short-covering rally lately. the fact that long term support was broken is very ominous though. check a long term chart, it looks horrible. if it rallies back to the 270's and turns back down from there, the breakout would be confirmed and much lower prices could potentially ensue. i'm close to throwing in the towel on gold, maybe that's what it needs to turn around...<g> regards, hb