 ChartWorks
Quick note on gold
Technical observations of RossClark@shaw.ca
Bob Hoye
Institutional Advisors
CHARTWORKS - APRIL
12, 2005
posted April 14, 2005
The gold market is now into the time window where we can anticipate
an interim low.
Bullion prices have been in a tight range for the past three
weeks. Ideally, we will see another test of the $422 low or take
it out in a marginal manner (but holding above the Feb 7th low
of $411) prior to the next significant advance. The long-term
MACD (34,89,9) continues to be monitored for a buy signal, but
more patience is required.
The precious metals stocks, as measured by the XAU and HUI indices,
have taken out the lows of March 29th. At today's low they measure
as potentially completed 5 wave moves down from the March 9th
highs.
If they can quickly close back above the mid point of the recent
consolidation (which works out as XAU- 93.22, HUI-199.48) then
it would be considered bullish for the sector with risk to the
current lows. If they languish down here then we will keep an
eye out for a bullish divergence with stocks outperforming bullion
as an indication of a pending upside reversal.
Bob Hoye
Institutional Advisors
E-mail bobhoye@institutionaladvisors.com
Website: www.institutionaladvisors.com
CHARTWORKS - APRIL 12, 2005
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