 ChartWorks (snippet)
Gold - Up $7 at $434.70
Technical observations of RossClark@shaw.ca
Bob Hoye
Institutional Advisors
CHARTWORKS - FEBRUARY
22, 2005
posted February 24, 2005
Following the capitulation readings
in Gold on February 7th ($412.70), I anticipated an initial rally
into the $430 to $435 range. With today's decline in the US Dollar,
the price of gold has jumped by $7 to $434.70. I am making a
small adjustment to the initial targets. Based upon the similar
trading patterns that I am tracking, I believe that the high
close for this part of the move could be a shade higher; around
$437 +/- $2.
The next decline should be
minimal at around 3% to 5% below the high price. From a quantitative
perspective, there are two technical readings I would like to
see. Firstly, the RSI(14) is currently at 65 and I would view
the first 11 to 14 point decline in the index as an opportunity
to buy on a dip. Secondly, the low of the correction should coincide
with a CCI(8) reading at -100.
Going the other way, the dollar
index is approaching good support.
Bob Hoye
Institutional Advisors
E-mail bobhoye@institutionaladvisors.com
Website: www.institutionaladvisors.com
CHARTWORKS - FEBRUARY 22, 2005
Hoye Archives
The opinions
in this report are solely those of the author. The information
herein was obtained from various sources; however we do not guarantee
its accuracy or completeness. This research report is prepared
for general circulation and is circulated for general information
only. It does not have regard to the specific investment objectives,
financial situation and the particular needs of any specific person
who may receive this report. Investors should seek financial advice
regarding the appropriateness of investing in any securities or
investment strategies discussed or recommended in this report
and should understand that statements regarding future prospects
may not be realized.
Investors should note that income from such
securities, if any, may fluctuate and that each security's price
or value may rise or fall. Accordingly, investors may receive
back less than originally invested. Past performance is not necessarily
a guide to future performance. Neither the information nor any opinion expressed constitutes
an offer to buy or sell any securities or options or futures contracts.
Foreign currency rates of exchange may adversely affect the value,
price or income of any security or related investment mentioned
in this report. In addition, investors in securities such as ADRs,
whose values are influenced by the currency of the underlying
security, effectively assume currency risk. Moreover, from time to time, members of the Institutional Advisors team may be long or short positions discussed in our publications.
321gold Inc
|
