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

To: Stoctrash who wrote (54670)	6/19/2000 11:06:00 AM
From: Dale Schwartzenhauer	Respond to of 116897

I think we may be approaching an interesting and low-risk buy point. Yes, gold is off this morning, but the producers are fairly firm for a $3 drop. If this was the beginning of something serious, we'd see the XAU off 300 or more basis points (3 pts). An interesting technical perspective published by Elliott Wave International (www.elliottwave.com) calls this pattern a diagonal triangle with an upside target of $300, then around $307-$308. They are essentially long-term bearish, but not unwilling to change their tune if they see impulsive patterns. As they explain it, diagonal triangles never occur in 2nd waves, thus we have seen wave (A) rather than the more favorable wave (1). Once the current (B) wave is complete, we would get a (C) wave to complete the rally. Not what I wanted to read either, but one cannot ignore any scientific analysis, if one wants to stay alive in the market. I don't think even GATA knows how strong this gold cartel of bullion banks is and where their breaking point might be. The foregoing analysis, if confirmed, would indicate a temporary lapse on their part but not the big Kahuna (sp?). Best regards, Dale