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To: Glenn D. Rudolph who wrote (125305)	5/20/2001 7:52:06 AM
From: craig crawford	Respond to of 164684

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To: Glenn D. Rudolph who wrote (125305)	5/20/2001 7:53:08 AM
From: craig crawford	Read Replies (1) \| Respond to of 164684

>> But it is a decline in short selling if I understand the statement correctly. << Wherever the selling originates, it is still selling no? Maybe the start of the rally was due to that, but later on after gold punched through $275-$280 buy stops were triggered, as these are considered significant resistance levels. Silver broke through $4.50 which was a small resistance level as well. Gold has some resistance a few dollars higher starting around $292 or so, and then it's smooth sailing all the way up to $320-$325 or so. Of course I suppose $300 might be a psychological barrier. The thing that makes gold an interesting show next week is the fact that it has had a major breakout in both stocks and bullion, but now they are pulling up on significant resistance. This is why it's shaping up to be such a good bear-bull fight and techs are boring to watch. Remember right after the BOE auction back in late Sep '99 gold spiked from the $255 range to $324 in about a week and a half. Of course we were coming up on Y2K back then. The other main difference between this run-up and the one a couple years ago, is that gold stocks and more recently gold bullion have been slowly and steadily climbing before they broke out big on friday. In 1999 gold spiked almost $70 in about 10 days. Friday gold was only up about half as much ($33 or so off the lows) in closer to 2 months.