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Strategies & Market Trends : MDA - Market Direction Analysis -- Ignore unavailable to you. Want to Upgrade?

To: j.o. who wrote (10744)	4/12/1999 9:10:00 PM
From: pater tenebrarum	Read Replies (1) \| Respond to of 99985

OT-gold j.o.,a bounce to the october 8 high of $305 seems quite possible from here. such a move could be made on short covering alone.whether there could be more upside after that will depend on how the commercials (who are currently long) react. if they sell the rally again, as they did last time, forget it. should they hang on to their long positions i would expect a move to $315, maybe even $330. i have recently taken a few positions in the deeply oversold gold stocks and they have started to bounce a little. they could run 20-30% from here if gold tests $305. i wouldn't recommend gold longer term though. there is no evidence yet that the long term bear market in gold is over. hb