Today's Chart Du Jour revolves around February Gold
(Dec. 17th. Close $283.80).

Whether one is a long term bull or bear on this metal, there is no denying that the August rally was an impressive one, and in terms of traditional Edwards and Magee analysis, we may easily have formed the left side of an upcoming "platform" formation. Under such an interpretation, gold is now likely to back and fill for a considerable period of time between its 76.4% retracement level at $272 and its 38.6% retracement level at $316.05. We have already bounced smartly off of the 76.4% retracement level and are currently finding strong support from the 100 and 200-day moving averages which currently reside just under the market very close to each other at $281.4. The next move should be toward the 40-day moving average resistance and the 50% retracement level, both of which may be found around $293.10. We are short term bulls, given the risk-reward of a potential $10 advance with just a few dollars risk. Stops should be set just below $281 at this juncture.

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