MARKET COMMENTARY
CHARTWORKS - LOOKING FOR A BOUNCE
Technical observations of RossClark@shaw.ca
Bob Hoye
Institutional Advisors
Nov 15, 2007
Reversals from extreme overbought daily and weekly readings in gold generally take five to nine days to correct back to the 50-day moving average (with an initial bounce from the 20-day moving average) and produce a decline of 35 points in the daily RSI(14). Therefore we should be looking for a bounce from $795 and support around $760 by the beginning of next week with an RSI(14) reading in the mid 40's.
-Bob Hoye
Institutional Advisors
email: bobhoye@institutionaladvisors.com
website: www.institutionaladvisors.com
CHARTWORKS - NOVEMBER 13, 2007
Hoye Archives
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