Guest sigmoidoscope Posted January 14, 2004 Report Posted January 14, 2004 So far this is a typical shakeout of the gold miners, with the price of gold maintaining a relatively stable position. If gold holds over 410, and the miners can hold above 220, this looks more like a shakeout that a confirmed break in trend. I really believe the shorts are shaking out the newbies so far. We'll have to see if it turns into something else, which of course it could.
Guest sigmoidoscope Posted January 15, 2004 Report Posted January 15, 2004 Broke that support and could be an H&S top in the works. The H&S will not be active unless we get a daily close and a print, and also gold has to crack 400 IMHO, but I could be wrong. Needs to find support soon, or will be looking at that lower trendline. If it can get back over that neckline this week it might be in good shape to make a stand.
ApresMoi Posted January 15, 2004 Report Posted January 15, 2004 Sig -- Is this a double top? Dec 2...258.60 (Intraday)...256.84 (Close) Jan 6....258.02 (Intraday)...250.59 (Close) Is it SIGnificant?
Guest sigmoidoscope Posted January 15, 2004 Report Posted January 15, 2004 That's another possibility on the chart, but I am not a big believer in double tops. We'll have to see how things go in the next couple days. I would like to see HUI get back over that neckline before the weekend. By way of disclosure, I own no miners here, but am looking for a re-entry point. The remarks of Buba, aka the DooshBank, over the weekend caused me to flee leveraged gold positions. They were getting desperate. I believe this is tied into the JPM - Bank One merger as well. But, who can say.
Guest sigmoidoscope Posted January 16, 2004 Report Posted January 16, 2004 Although HUI is hanging on to the neckline, it appears that without a reversal in the gold / dollar trend, that HUI will go lower before finding support.
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