Re: [CANSLIM] gold rally

From: "Patrick Wahl" <pjwahl@attbi.com>
Subject: Re: [CANSLIM] gold rally
Date: Sun, 24 Mar 2002 09:04:01 -0700

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As further confirmation that point 1 below has some merit, check out the comments 
on the techinical picture at the link below -

http://www.mrci.com/lbr/charts/20020322/4.htm

I'm not much on gold stocks, for anyone that is, the following site is a good source -

http://www.goldsheetlinks.com/

And finally, the link below has predictions for the price of gold in 2002, the guy who 
runs the page above has an entry, look for Bob Johnson 5 lines from the top, last 
year he nailed the price range within a dollar or two.  I know him,  he is very sharp 
on gold, not a gold bug, looks at everything on a fundamental basis and is generally 
correct on his comments about gold price movements -

http://pages.prodigy.net/rjohnson/2002au.htm



On 24 Mar 2002 at 10:03, Robert McGill wrote:

> 1.  speculative fund buying triggered pre-placed purchase orders/buy stops & generated further buying by funds. 2.  expected participants in gold trade to sell into gains, but instead pushed it higher egging funds to continue adding to long positions.  3.  weaker yen against dollar & 
procrastination toward fighting deflation have rattled investor confidence in Japan's banking system & spurred demand for gold.  4.  predominant influence was stop-loss buying @ 294-296 which we ran through.  5.  gains in gold mining equites cited as supportive of rally as historically they are 
leading indicators for underlying commodity price.  6.  funds showed willingness to roll April contracts forward to June futures instead of liquidating them, show trader confidence of uptrend.  7. rally stopped at major resistance of 298.  Possible follow-through gains on Mon, but expected to 
test bottom of trading range 294-298 before moving higher.  8.  Move through 298 expectred to target buy stops above 300.  support for April now seen @ failed resistance of 295.  

>   From: Tom Worley 
>   To: canslim@lists.xmission.com 
>   Sent: Sunday, March 24, 2002 9:27 AM
>   Subject: Re: [CANSLIM] gold rally
> 
> 
>   sorry, Robert, the page is only available to subscribers. Perhaps you could summarize?


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