Forum Archive Index - June 2004

[Phaedrus <Phaedrus@techemail.com>]

Mick,
     Gold and silver were in a series of accelerating uptrends, which ended 
earlier this year. Both are in short-term downtrends and both will be in 
medium-term downtrends when/if they break below their lows of 14/5/04.
 Trend followers such as myself would not be long gold or silver at the moment. 
Gold gave a trendline break in February, silver in April, and both have headed 
South since then. 
 Long-term holders of gold will perhaps be taking some comfort from the fact 
that price action is still above long-term moving averages such as the 365 day 
ema plotted here. This ema is still rising, though I would think that a fall 
below such an ema would dampen the ardour of all but the most passionate 
goldbugs.
 You have commented on the bearish Double top in the gold chart. If gold 
rallies, resistance at this level should perhaps be expected again.
 
                        Phaedrus.

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