 CHARTWORKS - JUL 19, 2006
Comments for Traders of
Gold and Silver Mining Stocks
Technical observations of RossClark@shaw.ca
Bob Hoye
Institutional Advisors
Jul 21, 2006
Most of the gold and silver mining stocks have now had either
a correction of 10% from the July high or retraced 40% of the
rally from the June bottom. This is in keeping with normal selloffs
following:
- bearish divergences in gold
vs the XAU
- test of the upper volatility
band
- RSI(14) readings in mid 60's
on first rally off a capitulation bottom
We should now look for gold
and mining stocks to box themselves into a trading range over
the coming weeks.
A gold rally back into the
$650s is likely.
-Bob Hoye
Institutional Advisors
email: bobhoye@institutionaladvisors.com
website: www.institutionaladvisors.com
CHARTWORKS - JUL 19, 2006
Hoye Archives
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