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

To: PaulM who wrote (11079)	5/1/1998 6:01:00 PM
From: Alex	Respond to of 116764

A cut from Kaplans site.................. Gold's short-term and intermediate-term outlook is influenced by recent late-day stop-loss selling which is clearing out Johnny-come-lately disappointed long speculators. Over the intermediate term, the reduction of these speculative long positions is bullish, since their absence from the market or actual short-selling behavior creates an environment of artificially low prices which stimulate heavy commercial accumulation and worldwide physical buying. Over the short term, speculative liquidation is bearish, as their selling is heavy enough to temporarily overwhelm buy orders and create a short-term price retracement. Gold's sharpest rally period will occur after it regains its 200-day moving average spot price, and is likely to be combined with strongly positive on-balance accumulation (its heaviest volume occurring during periods of rising prices) and an intraday pattern of early dips followed by late recoveries and frequent late rallies.