Sunday, February 12, 2012

Andy Hoffman Interview (Miles Franklin)

Here is an interview with Andy Hoffman from YT.  He mentions that the $1750 level in Gold is a key resistance point and will eventually become support.  Once that occurs, it may be off to new highs for the Gold market.  Silver _should_ follow along for the ride.

1 year daily chart of Gold

Since the sell off in December, Gold has pierced the fibonacci levels of 38.2, 50* and found resistance at the 61.8 level which is right around the $1750 level.  It may bounce between the 50% and 61.8% area to consolidate before a potential move up towards the old highs.  This may take place before May of this year......  

Sell in May and come back after Labor Day ???  Wonder if there is any truth to that this year for the Gold and Silver markets?

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