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Gold blasted out this morning on a 10+ point range expansion taking out
all the buy stops through the 29Dec pivot high at 295.5 and using up
most of the fuel which has been stock piled during the past 2 month
consolidation. Open interest in gold has been relatively low so there
isn't likely to be a lot of short covering fueled buying. The important
action now is in the retracement/consolidation action. If prices hold
reasonably well (retracement of 38% or less), and new buyers move in,
there should be a rapid advance with the 29Nov gap and 28Nov high at
305.5 providing the next important resistance. More likely is a 50%
retracement.
Earl
----- Original Message -----
From: "Earl Adamy" <eadamy@xxxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Thursday, February 03, 2000 10:23 AM
Subject: [RT] Re: Gold
> Correction - I copied that from a message written early Wednesday
> morning so the references to today are for yesterday.
>
> Earl
>
> ----- Original Message -----
> From: "Earl Adamy" <eadamy@xxxxxxxxxx>
> To: <realtraders@xxxxxxxxxxxxxxx>
> Sent: Thursday, February 03, 2000 9:26 AM
> Subject: [RT] Gold
>
>
> > According to my work, gold is due for a major rally before the end
of
> > the month with minimum price projection to 328 (see weekly chart
> > estimated w.5). Attached is continuous unadjusted with April current
> > month (and what if bar for today's early trading) showing the tight
> > range and accumulation as shown by OBV. The pattern of tight
> > consolidation range and OBV accumulation was last seen during the 3
> > months prior to last fall's blow-out. Disclaimer - I am long gold
from
> > this morning's open.
> >
> > Earl
> >
> > > ----- Original Message -----
> > > From: "Dr. John Cappello" <jvc689@xxxxxxxxxxx>
> > > To: <eadamy@xxxxxxxxxx>
> > > Sent: Thursday, February 03, 2000 8:27 AM
> > > Subject: Platinum
> > >
> > >
> > > > I would be delighted to see what you have on Gold.By the end of
> this
> > > year I
> > > > will be practicing medicine part time and trading for a living.I
> > have
> > > > learned a great deal from you even though our styles are not
> alike.
> > >
> > >
> >
>
>
>
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