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

To: scotty who wrote (24402)	12/16/1998 3:37:00 PM
From: Giraffe	Read Replies (1) \| Respond to of 116922

buysignals.com Wednesday, December 16, 1998 Buy Gold! Buyers of U.S. stocks will likely be scarce ahead of Friday's House impeachment vote and options expiration. Ursa would be an aggressive move. Cash would be defensive and gold is "opportunistic". The last times this indicator (chart) was at the low of its range were at the June and September gold bottoms. The "ideal buy signal" occurs 1) after a substantial selling trend and 2) when price confirms renewed buying interest by moving above key moving averages and previous support/resistance levels. Gold stocks held critical XAU 65 support on December 9th after plummeting four weeks from 83 (-22%). The expected "short-covering sucker's rally" occurred the next day, jumping 6.8% only to collapse by 5% the following day. Price has been "base building" since with the XAU 6% above the 9th's low. Today's 3.7% intra-day gain places these stocks above a minimal moving average for the first time in a month. The only missing ingredient is a strong close above recent resistance at XAU 69, now 69.4. An imminent strike against Iraq and escalating impeachment proceedings should lend psychological support to a recently strengthening gold market.