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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: Zardoz who wrote (52286)	5/3/2000 3:55:00 PM
From: goldsheet	Read Replies (1) \| Respond to of 116796

Looks like XAU just reversed the reversal. It got up to 60.97 this afternoon (below yesterdays close of 61.02) and is now at 59.70 (below critical 60 level)

To: Zardoz who wrote (52286)	5/3/2000 6:05:00 PM
From: TATRADER	Respond to of 116796

Sound a bit testy, Hutch...Not like you... I agree gold is a bad investment, but as a trading vehicle one can make a lot of money on it...It is now such a vehicle.. I have done my crying twice now, making a bundle and losing a bundle..But it has not been on gold..It has been on investing, putting money into a stock long-term, and not setting a stop to protect from catastrophic loss..It has been from trusting a person with the fundamentals, rather than dealing totally with the technicals..No longer will I buy and hold, I do the best when I daytrade.. I totally disagree with your assessment on the XAU..Yes, you are right on the beginning of the month effect..It has happened so many times, that it should happen again... I have my target areas set, and if my stops get taken out, I take my profits home, and wait for the next opportunity.. I will give you a brief TA on the XAU.. 1)The XAU broke two downward trendlines recently..The first was the February to May trendline..It has managed to stay above that trendline thus far... 2)The XAU broke the longer term downward trendline from October 1999 to May 2000..It is holding above that trendline at 58.50.. 3)The XAU has been in a downward wedge pattern, which as you realize is bullish..It just broke from that wedge.. 4)XAU presently in a Boomer formation..If you follow Jeff Cooper, basically this is an inside day off the break day.. Lower high, higher low..This is a consolidation pattern before the next upmove..As long as 55.79 is not taken out, I remain bullish on XAU.. 5)You have a directional indicator crossover on 5/2/00.. +D1 has moved above -D1, and the ADX has been strengthening moving from 9 to 11, to 12 using a 14 period for analysis 6)Measuring the size of the flag pole, look for about a 6 point 5-6 point spike after consolidation..I am looking for the XAU to move next to the 64.50-65.00 area.. Gann gives us this target area using 72.50 as high point and 55 as low point...Fibonacci yields similar target areas.. I could go on, but probably not worth the effort..If you think my DOW targets are laughable, and would like the explanation from a technical perspective, would be happy to share them with you...I wouldn't laugh if someone ends up right... BTW, I know someone was picking on you, but you didn't really predict the Great Bull Market for 2000, did you in U.S. News? Hate those cheap shots... Regards, Mark