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

To: GVC who wrote (33415)	5/8/1999 2:16:00 AM
From: Dipsey	Respond to of 116764

GVC - Thanks for the chart. Somewhat different from the daily one I follow at Dorsey Wright, primarily because of reference time difference. However the interpretation would be the same. On the daily chart there is a triple top break at 69 going up in a column of X's to 83; todays action establishing a column of O's back down to I believe 71. Still above the support at 69. In any case, it would appear that the Bank of England 'announced' sale had the desired effect from their standpoint; they stopped the upward momentum in the POG dead. However, it certainly didn't crush the strong demand as the fallback in the XAU did not reach the strong support level. I suspect that the upward trend in POG will resume on Monday, perhaps at an initially slower pace... and the stocks will follow suit. Remains to be seen what stunt might be pulled next...one suspects they will have to have something else, for if this declared action proves ineffective the rise in POG will accelerate. Regards, Dipsey