9/28/99:
XAU-GOLD AND SILVER INDEX
After breaking a 3 1/2 year long
down trend earlier this month, the XAU stomped decisively above resistance
at 71 during yesterday's 15 point surge. Weekly MACD also gave a buy
signal yesterday. The index closed above April's highs, but still
has 2 additional roadblocks to clear before it is able to begin a
sustainable rally: the October 1998 highs near 87.6, and the April
1998 highs near 93.7. Until the index closes above both of these
levels it will be vulnerable to corrections which could shave 33%-50% off
yesterday's rapid gains. |
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