- GCRU- Weekly Trading Service

Transcription

1 - GCRU- Weekly Trading Service GCRU #683 April 6, 216 (in its 15 th year) IN THIS EDITION STRATEGIC ACCUMULATION 2 Open Positions 24 Abbreviations 25 MARKET LEADERS Gold (futures) 6 Silver (futures) 7 US Dollar Index 8 Crude (futures) 9 Interest Rate 1 Yr T No (TNX) 1 Copper (futures) 11 D. Industrials & D. Transports 12 HUI & Adv/Dec Line 13 STOCKS Agnico Eagle Mines Limited (AEM) 15 Proshares Ultra 2+Year Treasury (UBT) 16 DB Gold Double Long ETN (DGP) 17 Direxion 2+ Yr Trsy Bear 3x (TMV) 18 ProShares Ultrashort S&P5 (SDS) 19 New Gold, Inc. (NGD) 2 Direxion Gold Miners Bear (DUST) 21 Direxion Gold Miners Bull 3x (NUGT) 22 Goldcorp Inc (GG) 23 ProShares Ultra Short Crude Oil (SCO) 9 Making good decisions is a crucial skill at every level" Peter Drucker 1

2 STRATEGIC ACCUMULATION IS BEST G old is still holding above $12 showing impressive strength this past week. Uncertainty surrounding the economic recovery looms, while U.S. dollar weakness due to dovish comments from the Fed have both been a big contributor to gold s strength. The first quarter 216 is complete. And it was the weakest first quarter for the U.S. Dollar of the past 5 years. A sign the economic recovery remains lackluster despite endless efforts by central banks in implementing accommodative monetary policy. correction will clearly be underway. The key MAs on the chart could then be tested. This Dollar top formation is most likely why China and Russia have been dumping dollar holdings and have been big buyers of gold during the past few years. Russia s gold holdings have actually risen a total of 3% since 214 alone! And this in turn should be no surprise that the first quarter of 216 was one of gold's best first quarters of the past 3 years! Moreover, GDP was stagnant and the trade deficit rose to its highest level since last summer. This is why we have the U.S. Dollar as our Chart of the Week. It's been a quiet yet steady decline since November, reaching a 5 month low this week. While it could slip lower ST to possibly the bottom side of the one year sideways band, you can see it's clearly oversold with the indicator near extreme low levels. This means we could see a bounce up coming soon to possibly the 98-1 level, but a top continues to grow and the upside is limited. But, this would be enough strength to cause a good downward correction in gold and the gold universe, including commodities. The Chart to the Right shows gold and gold shares for the past 15 months. If gold stays below $1245, and the HUI index closes and stays below 175, its 5 week MA, the 2

3 However, like we've been mentioning during the past month, caution is warranted as gold and gold shares are showing signs of weakness. A decline we call D is getting started. Downside pressure for gold is strong by staying below $1245, the 5wk MA, and downside momentum will intensify if gold breaks below $12. Moreover, our indicators are showing gold is extremely overbought, especially on a MT basis which puts a lid on gold s upside potential for now. We continue to hold a position in gold as we believe gold has initiated a cyclical bull market. The upcoming weakness we re just seeing is simply part of it. This is why we ll refrain from buying more now until we see a deeper correction mature. In the meantime, we re holding on to our bear put spreads in gold as insurance against a likely upcoming decline which will allow us to offset potential losses in our long position. Gold shares continued to move sideways near the recent Mar highs. Gold shares are looking strong too, but have failed to rise to new highs. A sign of exhaustion that could turn to weakness ST. We re currently out of gold shares and have secured a position in DUST (inverse ETF to HUI). This will allow us to gain from the likely upcoming correction. The upside potential is awesome and it continues to hold above a key support which is inversely proportional to the recent highs in HUI. Bonds are back in vogue as interest rates took a nose dive when deflationary forces intensified. Last week we shifted our positions by selling TMV at essentially break-even while (finally) picking up some UBT when it slipped below 85. These same deflationary forces are putting downside pressure on copper and resources. Which together with gold s recent weakness was the perfect scenario to push silver down. The decline allowed us to pick up some silver below $15 as well. We ve now included a new profit target at $16, silver s more recent resistance. Crude oil continued its decline after failing to break above resistance at $41. We picked up a bear put spread to take advantage of weakness at the right time. It s up an approximate 35% since we picked it up last week! We'll continue to hold it because we think crude just may decline back to the $3 support level. And especially so with Saudi Arabia talking about putting a freeze in production on hold. We were stopped out of SDS, inverse ETF to the S&P 5. Although some stocks rose higher, others, such as the Transports, were lackluster and declined showing weakness. Remember that the Transportation average tends to lead the stock market, and it's poised to decline in a steeper decline. Our loss was held at a mere 4%. And although the stock market is ripe for a decline within its bear market, monetary policy worldwide remains highly accommodative as negative interest rates become more common among central banks. 3

4 Q1 216 in Review This week saw the end of the first quarter of 216 and it has been a good one! Overall, we were able to secure an average gain of 7.5% in commodities and an average gain of 14% in stocks. Our best trades were a total gain of 75% in NUGT, a 23% gain in AEM, a 15% gain in DGP, a 9% gain in gold and a partial gain of 1% in silver. Also, we're starting the second quarter with some positions with good upside potential such as gold, silver, crude, DUST and UBT. And we have open orders to buy several gold shares again as they re poised to correct their bullish rise from the Mar highs. It's been a great start to 216, and we believe it'll be an even better rest of the year! Our strategy this week is to keep an eye on key levels on gold and the dollar. Particularly $1245 on the upside and $12 on the downside for gold, and on the downside for the dollar. Also be sure to pick up some DUST if you haven't already, but keep your triggers ready as it could prove to be a volatile trade due to gold s strength. We have several open orders to buy gold shares as well. Be sure to buy if entry levels are reached. Remember, if it s Wednesday, its GCRU! Good luck and good trading, Omar Ayales Chief Trading Strategist GCRU A division of Aden Research Group 4

5 MARKET LEADERS 5

6 GOLD JUNE 216 (GCM16) 4/5/216 CLOSE = C IMPRESSIVE SUPPORT ABOVE 12 MAR A DEC B FEB VULNERABLE BELOW ZERO & MT MA O N D J F M A Put Spread Bought Jun /18 gold put spread at $4. Long 126 (Mar-4 & 7-16) (GLD: 121) Stops 2dc below 112 (GLD: 18). Profit Targets 14 & 15 (GLD: 133 & 143). New Recom Keep your positions. Buy some again near 12 and more on a decline below 117. Downside pressure is becoming more noticeable in gold as it remains within a declining trend since it peaked in Mar near 128. Gold has failed to break above the Mar downtrend on several occasions, including today when it retraced after initially breaking above 1235 showing resistance is still strong at this level. Moreover, Spinner continues to resist below its MT MA and zero showing weakness is poised to continue caping gold's upside. The 12 level remains key. A break below it could ignite renewed downside pressure that could push gold to its 75 day MA near 118, or the Dec uptrend at 114. Interestingly, gold continues to hold well above 12 showing good strength. If gold holds at this level and rises above the Mar highs at 128, it would be strong and then be positioned to rise to our first profit target near 14. Keep in mind, as the world turns towards negative interest rates (NIRP), the appeal for gold increases and, therefore, support at current levels. Keep your positions for now. 6

7 SILVER MAY 216 (SIK16) 4/5/216 CLOSE= OCT BOUNCING UP FROM KEY UPTREND & SUPPORT FEB MAR Long at: DEC O N D J F M A (Dec-17-15) (SLV: 13.1), 13.9 (Dec-28-15), 13.9 (Jan-8-14) (SLV: 13.15). Sold half at (SLV: 14.5) for an average 1% return; (Feb-26-16) (SLV: 14.5), 14.9 (Apr-1-16) (SLV: 14.2). Stop 2dc below 14 (SLV: 2dc below 13.75). Profit Target 16 (new) & 17.5 (SLV: 17) LOOKS GOOD ABOVE UPTREND New Recom: Keep your positions. Sell half at first profit target. Silver declined to an almost 1 mo low this week, reaching its key Jan uptrend & support. Silver dipped below 15, allowing us to add to our position. Spinner remains within an uptrend of its own showing growing momentum despite staying below zero. If silver can hold at this bullish uptrend, it'll likely resume its rise to the top side of the Jan upchannel near However, a break below the uptrend could push silver to the Dec uptrend near 14, initially. We have included a new and first profit target at 16, silver's most recent resistance. We recommend selling half of your position if this level is reached. 7

8 U.S. DOLLAR INDEX JUNE 216 (DXM16) 4/5/216 CLOSE= MAR 215 HOLDING AT KEY SUPPORT NEAR DEC 12 1 MAR MAY AUG FELL TO OCT LOWS FAILED TO BREAK ABOVE ZERO = WEAKNESS M A M J J A S O N D J F M A New Recom Stay out The U.S. dollar index declined to another 6 mo low as it approaches the bottom side of a year-long sideways band near The dollar continues to show weakness by staying in the lower middle half of the band, testing it's key support level. Also, momentum continues to wane as Spinner fails to break above zero and its year-long downtrend. Overall, downside pressure continues to loom. However, the dollar will remain with upside bias by staying above the support level. Keep in mind, a break below on a 2dc could reverse the dollar's bullish trend and a continued decline would then be likely. On the upside, the 1 level remains key. The Dollar index could rise to the 98-1 level, but a break above 1 is needed to see renewed strength. Stay out for now. 8

9 LIGHT CRUDE OIL MAY 215 (CLK16) 4/5/216 CLOSE= RESISTANCE DECLINED TO 1+ MO LOW! FEB J F M A MAR BEARISH, ON THE DECLINE ProShares UltraShort Bloomberg Crude Oil (SCO)4/5/216 CLOSE= J F M A Put Spread Recom: Nov /2 Bear Put Spread at $6 (Mar-3-16). Keep your put spread. New Recom If not in, buy below 135. Place stops 2dc below 125. Profit targets at 2 & 225. Crude declined further, breaking below the Feb uptrend, below 37. It's now shifted trends and will remain with a downside bias as long as it stays below the Mar downtrend near 38. Moreover, Spinner is also bearish with room to decline further. Saudi's talk of holding off on a freeze in production is adding to speculation that production continues to outpace demand. We secured our put spread at the righ moment and it's currently up in value by an approximate 35%!. However, we'll continue to hold as we have more than enough time for weakness to unfold. Many subscribers have been asking for a way to short crude without using options. In the past we've recommended SCO. It's a 2x inverse ETF to crude. This means, it does exactly the opposite to crude. We didn't secure a position last week, but we'll continue to show it while holding our bear put spread and place recommendations for trading it when warranted. 9

10 CBOE Interest Rate 1 Year T No (^TNX) 4/5/216 CLOSE= 1.73 US$ NOV DEC RENEWED DECLINE OCT 2.15 MAR APPROACHING FEB LOWS FEB BEARISH ON THE DECLINE O N D J F M A CBOE Interest Rate 1 Year T No (^TNX) - Chicago options Lower lows for interest rates after breaking below the Feb uptrend. It's now at a 1+ mo low. Spinner is also bearish showing more downside is likely. Renewed weakness in interest rates will give bonds a boost. Last week we recommended shifting positions by selling TMV and buying UBT. Our TMV trade was essentially a brake-even, and our UBT trade is up an approximate 5% with today's bullish breakout rise. Stay out of interest rates for now, especially while the Fed remains dovish on their monetary policy. 1

11 COPPER MAY 216 (HGK16) 4/5/216 CLOSE= SEPT HOLDING AT BULLISH UPTREND SINCE MAR ? 2.12 FEB APPROACHING EXTREME OVERSOLD = DOWNSIDE LIMITED? O N D J F M A -.15 Copper's edging towards its Jan uptrend & support level near 2.12 after peaking in Mar. The Jan uptrend is a key level for copper. If it holds, it'll likely rise and test the (adj) Sept downtrend & support near 2.3. Keep in mind, on the upside, copper must first break above the Mar downtrend. On the other hand, if copper breaks clearly below the Jan uptrend on a 2dc below 2.1, it'll continue to decline to its next support near 2. Notice Spinner declining quickly, approaching an extreme oversold level. Moreover, notice every time Spinner has reached the broken green line, it has quickly jumped up. Could this mean copper will hold at its Jan uptrend? It sure looks like it and we'll soon find out. And, if it does, it'll be bullish for copper and the resource sector, including silver. 11

12 SPDR DOW JONES INDUSTRIAL (DIA) 4/5/216 CLOSE= AUG New Recom NOV DEC Stay out. BREAKOUT! A S O N D J F M A FEB ROLLING OVER AT HIGHS = MOMENTUM WANING TURNING BEARISH BELOW ZERO MACD (12, 26, 9) MACD (12, 26, 9) A S O N D J F M A Shares Transportation Average (^IYT) 4/5/216 CLOSE= A S O N D J F M A The Industrial average jumped above its Nov downtrend & resistance level last week showing renewed strength potential. However, the rise could prove to be a bull trap as the Transportations continue to weaken below the Aug/Nov downtrend. Moreover, notice indicators above: Spinner for the Industrials is rolling over at an overbought level while Spinner for the Transports is breaking below zero. And, MACD for the Industrials has broken below zero while this indicator for the Transports continues to resist below zero. All signs of weakness telling us a turn-around is probable. However, even though the charts above and other indicators are showing the stock market is ripe for a correction or continuation of its bear market, aggressive monetary policy pushing towards negative interest rates could fuel a renewed rise in stocks to higher levels. As we saw with ZIRP and QE in the past, the stock market tends to rise when monetary policy is highly accomodative. We got stopped out of SDS, short position for the stock market. However, we recommend staying on the sidelines for now as technicals may be trumped by worldwide accomodative monetary policy. AUG AUG NOV CONTINUES TO RESIST TURNING BEARISH A S O N D J F M A RESISTING BELOW ZERO

13 75 DAY MA NOV ADEN GOLD STOCKS ADV/DEC LINE 4/5/216 CLOSE = 4414 BREAKING DOWN FROM TOP PATTERN 75 DAY MA IS NEXT TARGET N D J F M A HUI GOLD BUGS INDEX (HUI) 4/5/216 CLOSE= SIDEWAYS-TOP PATTERN CONTINUES TO FORM MAR MAR DEC MAR J F M A SLIPPING BELOW UPTREND CONTINUES TO RESIST AT MT MA = WEAKNESS MACD (12, 26, 9) VULNERABLE BELOW MT MA MACD (12, 26, 9) ZERO LINE IS KEY RESISTANCE N D J F M A J F M A HUI continues to move sideways as it consolidates between 185 and 167. However, it has failed to rise to new highs since HUI peaked in Mar. Indicators are showing limited upside ST, and that a correction is likely. Notice the A/D Line to the left. It's broken below a topping sideways band of its own. This, together with weakness as shown by Spinners and MACD for both the A/D Line and HUI are sending signs of caution. Keep a close eye on the lower side of HUI's month long sideways band near 167. A clear break below this level on a 2dc would expose weakness that could push HUI to its next support at the level. Moreover, keep a close eye on the A/D Line's decline. If it holds at the 75 day MA, it'll prove to be very bullish on a longer term basis. But if it breaks below the 75 day MA, increased weakness would be evident and a decline to the Nov uptrend near 425 or lower would then be likely. We continue to wait patiently on the sidelines until weakness unfolds. In the meantime, we're holding a position in DUST and recommend buying some at mkt if not in already. 13

14 STOCKS 14

15 Agnico Eagle Mines Limited (AEM) 4/5/216 CLOSE= SEPT UPTREND KEY ST S O N D J F M A MAR SEPT UPTREND IS MAIN SUPPORT TURNED DOWN Agnico Eagle Mines Limited (AEM) - Nyse New Recom: OPEN ORDER Buy some on a decline near 33 and more near 3. Place stops on 2dc below 28. Profit target at 4. AEM is holding above its 5wk MA near 36 showing strength as it holds within an adj uptrend since Jan. However, AEM's true test is if it can break the top side of a 2 mo long sideways consolidation band near 38. A clear break above this level on a 2dc would reconfirm AEM's strength and a renewed rise would then be likely. However, declining Spinner below the zero line is showing downside pressure increasing and upside may be limited ST. Keep in mind, AEM will remain strong by holding above the bottom side of the band near 33. However, a break below this level would expose deeper weakness and a decline to the Sept uptrend near 29 would then be likely. Stay out for now and wait for a decline to buy. 15

16 PROSHARES ULTRA 2+Year Treasury (UBT) 4/5/216 CLOSE= 89 RENEWED STRENGTH DEC NOV BULLISH RISE! N D J F M A FEB ProShares Ultra 2+ Year Treasury (UBT) -NYSEArca Long at: (Mar-3-16). Stop 2dc below 84. Profit Target 92 & 1 New Recom: Keep your positions. Sell half at first profit target. UBT finally allowed an opportunity to buy below 85 and continues to rise with strength after breaking above the Feb downtrend, officially ending its contra-trend decline. Moreover, Spinner has turned bullish showing solid upside momentum with room to rise further. We recommend keeping UBT as long as it holds above its support near 84, the Dec uptrend. 16

17 DB Gold Double Long ETN (DGP) 4/5/216 CLOSE= WEAKENING TENDENCY PUSHES DGP TO LOWER HIGHS OCT MAR DEC CONTINUES TO RESIST = WEAKNESS O N D J F M A DB Gold Double Long ETN (DGP) -NYSEArca New Recom: OPEN ORDER Buy on a decline near 21. Place stops at 2dc below 2. Lower highs... DGP continues to decline within the Mar downtrend. Spinner is telling the story as it resists below its MT MA and zero line. If DGP now fails to break above the Mar downtrend on a 2dc above 25.5, it'll show weakness that could push DGP clearly below the Jan uptrend near 24. A break below this level on a 2dc could push DGP to the Dec uptrend near 21. Stay patient and wait for weakness to mature before buying again. 17

18 Direxion Daily 2+ Yr Trsy Bear 3X ETF (TMV) 4/5/216 CLOSE= 2.23 NOV APPROACHING FEB LOWS, AFTER BREAKING BELOW UPTREND DEC MOVES WITH 2+ YEAR YIELDS (3X MORE) FEB BEARISH N D J F M A -2.5 Direxion Daily 2+ Yr Trsy Bear 3X ETF (TMV)-NYSEArca Long at: 21.8 (Mar-3-16), 21.8 (Mar-9-16). Sold at 21.6 essentially breaking-even. TMV continued to decline, approaching the Feb low after we recommended selling last week. Spinner declining with room to decline further. We recommend staying out for now as bonds are poised to outperform. 18

19 PROSHARES ULTRASHORT S&P5 (SDS) 4/5/216 CLOSE= AUG HOLDING AT KEY SUPPORT NEAR ALL TIME LOWS FEB NOV 19 RISING FROM AN EXTREME J A S O N D J F M A ProShares UltraShort S&P5 (SDS)-NYSEArca Long at: (Mar-11-16), 19.6 (Mar-16-16). Sold at for a 4% loss New Recom: Stay out for now. SDS broke below its key support showing weakness and vulnerability. Although the stock market remains overbought and it's likely due to continue its bear market course, more highs could occur if monetary policy remains highly accomodative. 19

20 New Gold, Inc. (NGD) 4/5/216 CLOSE= 3.77 US$ 4.25 WIDER RISING WEDGE STILL FORMING JUN ON THE DECLINE + RESISTING BELOW MT MA AT ZERO J J A S O N D J F M A New Gold, Inc. (NGD) -Nyse mkt New Recom: Buy on a decline to 3. Place stops on 2dc below 2.5. NGD broke below its upside wedge, only to form a wider wedge. It remains near the highs showing strength. However, NGD has not risen to new highs either, failing to follow up on recent strength. Moreover, Spinner continues to resist below its MTMA showing lackluster strength. This tells us upside is limited and some downside is likely. Keep your open orders to buy near 3. 2

21 DIREXION GOLD MINERS BEAR 3X Shrs (DUST) 4/5/216 CLOSE= 3.12 NOV HOLDING ABOVE SUPPORT AT STILL RESISTING AT ZERO N D J F M A -7 GOLD MINER BEAR 3X DIREXION (NYSE: DUST) Long at: 3.6 (Mar-24-16). Stop: 2dc below 3. Profit Target New Recom: 9 If not in, buy at mkt. Downside pressure continues to put a lid on DUST. Gold shares have remained at the highs as they move in a sideways consolidation band. However, gold shares have failed to reach new highs which is giving DUST support at 3. A normal decline in HUI to the 75 day MA should push DUST above 9, which represents incredible upside potential. We recommend buying some to have exposure on gold share's likely correction. Keep in mind, our longer term view in gold shares is bullish and their downside could be short, which is why it's important to keep a fast trigger on this trade. 21

22 DIREXION GOLD MINERS BULL 3X ETF (NUGT) 4/5/216 CLOSE= OCT DOWNTRENDING BUT PREVIOUS OCT HIGH IS CURRENT SUPPORT BELOW ZERO + MT MA = BEARISH MAR O N D J F M A -15 Direxion Daily Gold Miners Bull 3X ETF (NUGT) -NYSEArca Recom: Stay out for now. NUGT has found support above a previous resistance level (Oct highs). However, downside pressure continues to increase. NUGT continues to decline within its Mar downtrend, failing to break clearly above it. Moreover, Spinner is bearish telling us some downtime is likely. Stay out for now. We'll keep NUGT on the radar and will look to buy again later on. 22

23 Goldcorp Inc. (GG) 4/5/216 CLOSE= BREAKING BELOW UPSIDE WEDGE O N D J F M A Goldcorp Inc. (GG) -NYSE New Recom: Buy on a decline near 13. Place stops at 2dc below 12. Profit targets at 17 and higher. Broke below the Jan uptrend and bearish rising wedge with downside target near 13. Pressure now remains to the downside unless GG breaks above 16.5 on a 2dc. Moreover, Spinner showing weakness below its MT MA and zero line. Stay out for now and wait for a decline near 13 to buy. LACKLUSTER

24 OPEN POSITIONS Status Symbol Trade Update &/or Current Position (L=Long, S= Short, O= Out P= Put C= Call) Initial Entry Date Initial Entry Price Traders rebot/ -sold at Last Closing Price Stops Target #1 Target #2 SHARES GG Buy on a decline near 13. Place stops at 2dc below 12. Profit targets at 17 and higher. O DUST If not in, buy at mkt. L Mar , dc below 3 9. AEM Buy some on a decline near 33 and more near 3. Place stops on 2dc below 28. Profit target at 4. O SDS Stay out for now. O TMV Stay out for now. O 2.23 NGD Buy on a decline to 3. Place stops on 2dc below 2.5. O 3.77 NUGT Stay out for now. O UBT Keep your positions. Sell half at first profit target. L Mar dc below DGP Buy on a decline near 21. Place stops at 2dc below 2. O MARKET LEADERS Gold - GCM16 Keep your positions. Buy some again near 12 and more on a decline below 117. L Mar-4 & dc below Crude- CLK16 Keep your put spread. P Silver SIK16 Keep your positions. Sell half at first profit target. L Dec , 13.9, 14.75, dc below US Dollar DXM16 Stay out. O COPPER HGK16 Stay out. O

25 Quoting GCRU is permitted provided GCRU name, website address & subscription price are given. All charts in GCRU are daily prices. Fax subscribers please note this week s password to access GCRU daily edition via our website is: (quarter1216). Subscribers can obtain free online chart updates for all gold shares in GCRU via: To view Canadian stks please use CA as prefix (ie, to view Agnico Eagle (Toronto) you must use CA:AEM). Note: U should NOT feel our recommended prices are set in concrete. If mkts suddenly feel hot or cold to U, or dramatic news occurs, U can buy or sell, or stop at slightly higher or slightly lower prices. It also hinges on your experience level. Some people can use our prices as guides & know when they can take bigger risks. Spinner: Spinner is an in-house momentum indicator (not always shown on charts). Momentum indicators use the rate of change in price to determine predominant energy flows. Spinner trading signals are generated when the faster timing line crosses above or below the ST Sym/tri Tgt Unch short term symmetrical triangle target unchanged slower confirming line. Upside crosses in the lower range of positive Vol volume territory offer the most reliable signals for longs; downside crosses in Wk week the top range of negative territory for shorts. Avoid trading against Ystdy yesterday the timing line, ie, buying/selling if the timing line is in corrective C close mode (against direction of trade) unless the confirming line is positioning for a new 'confirming cycle'. It's important to always be aware of location, direction & cycling phase of the confirming line. Spinner signals are more effective in trending mkt's than in trading ranges where indicators such as Stochastics & Williams %R should be used. NOTE: payments for GCRU services should be made payable to MAP CUSTOMER SERVICE. Gold (& mkts) Charts R Us is published weekly. You may sign up for 3-mos at $3, 6-mos at $585, 9-mos at $855 or 12-mos $1,11. gcru@adenforecast.com 1dc 2dc bot CAD$ H&S LOC LT MT NL PF PO Recom RH&S RS ABBREVIATIONS 1-day close (the share price must close above or below the indicated price level, before our recommendation is activated) 2-day close (consecutive) bought Canadian dollar head & shoulder line on close long term medium term neckline portfolio price objective recommended reverse head & shoulder relative strength - DISCLAIMER - Due to the electronic nature of s, there is a risk that the information contained in this message has been modified. Consequently Gold (& mkts) Charts R Us can accept no responsibility or liability as to the completeness or accuracy of the information. Whilst efforts are made to safeguard messages and attachments, Gold (& mkts) Charts R Us cannot guarantee that messages or attachments are virus free, do not contain malicious code or are compatible with your electronic systems and does not accept liability in respect of viruses, malicious code or any related problems that you may experience. Information in Gold (& mkts) Charts R Us is for general information only & is not intended to be relied upon by individual readers in making specific investment decisions. Appropriate independent advice should be obtained before making any such decisions. Gold (& mkts) Charts R Us do not guarantee or assure that readers will make money, or accept liability for any loss suffered by readers as a result of any such decision. Futures and share trading involves risk and is not for all investors. Past performance is NOT indicative of future results. Trading involves risk and should be pursued with risk capital only! 25