THE CHART DU JOUR
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.
Thank you for visiting Sand Spring Advisors LLC, Inc. We hope to hear from you again soon. For more information on Sand Spring Advisors actual programs, services, or to request a copy of a Disclosure Document, please phone us at 973 451 0016, FAX your request to 973-451-0016, or e-mail us atSandSpringAdv@AOL.com
10 Jenks Road,
Morristown, NJ 07960
Phone: 973 451 0016
Facsimile: 973 451 0016
Best Experienced with
The material located on this website is also the copyrighted work of Sand Spring Advisors LLC. No party may copy, distribute or prepare derivative works based on this material in any manner without the expressed permission of Sand Spring Advisors LLC
This page and all contents are Copyright © 1999 by Sand Spring Advisors, LLC, Morristown, NJ