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To: Giraffe who wrote (10304)4/21/1998 1:37:00 PM
From: Jim McMannis  Read Replies (1) | Respond to of 116762
 
I follow the XAU more closely than gold. XAU was up pretty strong from the start. Perhaps someone in the pits was using that as a leading indicator.
Too many people were looking for support in the 79 area based on simplistic straight line analysis. When it appeared that the correction would be more sideways in duration and had run its course then longs had to jump in and the shorts had to cover.
Jim