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

To: Crimson Ghost who wrote (64861)	3/2/2001 9:37:55 AM
From: Proton	Read Replies (1) \| Respond to of 116758

Many technicians feel that TA is of little use in the gold market because it is manipulated by CBs and bullion banks. Countless technical breakouts in gold and the XAU have failed in recent years. That usually means the technicians tried using trending tools in a drifting market, or used oscillating tools in a trending market. ADX and a simple 14-day stochastic could have kept someone from attempting a gold bottom call for the last three years. Also, I'm not in the camp that one can ignore fundamentals while trying to read the goat entrails on the charts. If the Swiss are selling 5 million ounces every six months, that trumps any twitch in the StochRSI or whatever. Double bottoms, especially the kinds "anyone can see" (not your phrase), are not as compelling as one would think. I'll need to go back to the oscillator readings to see if there were some decent divergences. However, a breakout from the wedge on the weekly COMEX would be a powerful confirmation of the double-bottom thesis. It's important to note that hasn't happened yet. Thanks for the feedback P.