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

To: Jim McMannis who wrote (9914)	4/13/1998 3:34:00 PM
From: MtnBear	Read Replies (1) \| Respond to of 116914

Jim, here is my take: we are working off the congestion experienced after the downdraft in October '97. If our rally stays strong as you suggest, and we close strong above this congestion ~91 area, we are off to the races. However, if you consider that the "bottom" formation has somewhat the appearance of a large bullish triangle with the top horizontal line at 79-80, the conventional analysis could indicate a return to this line (or near it) before the blast off. I hope not, but this is certainly a potential scenario. Failure to hold there (at 79-80) would negate the entire bullish picture; this has been too strong a technical picture for me to believe that a failure is possible now (after the extended bear, etc), and with the renewed buying by the gold mutual funds experienced during the last week or so, this test may not happen. Just my thinking. Regards, Mtn Bear