 The
Stuff of Bottoms
Ian Gordon
The Long Wave Analyst
May 13th, 2004
.
 The intermediate term correction in
gold may be over. This will be confirmed by a weekly closing
above $379.10, which would put in place a key point reversal
(a lower low price than the previous week, but a close above
the previous week's closing price).
So watch Friday May 14th closing price. Technical indicators
are at bottoms; sentiment is decidedly bearish, with many investors
panicking out of their gold holdings.
This is the stuff of bottoms. It may require some backing and
filling in prices, before the next leg of the bull market really
gets underway, but gold shares should start to regain their price
losses of the past few months in anticipation of the next up
leg. $435 acts as resistance to this new upward trend.
If this price is overcome, then $500 becomes the level for the
next point of resistance.
Ian Gordon
The Long
Wave Analyst
May 12th, 2004
see also:
May 13 My Mind is Clear
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report is solely the work of the author. Although the author
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321gold Inc
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