- GCRU- Weekly Trading Service

Transcription

1 - GCRU- Weekly Trading Service GCRU #681 March 23, 216 (in its 15 th year) IN THIS EDITION SHARPENING OUR TOOLS 2 Open Positions 24 Abbreviations 25 MARKET LEADERS Gold (futures) 6 Silver (futures) 7 US Dollar Index 8 Crude (futures) 9 CBOE Interest Rate 1 Year 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 Daily 2+ Yr. Trsy Bear 3x (TMV) 18 Proshares Ultra Short S&P5 (SDS) 19 New Gold, Inc (NGD). 2 Direxion Gold Miners Bear (DUST) 21 Direxion Gold Miners Bull (NUGT) 22 Gold Corp, Inc (GG) 23 The big money is not in the buying and the selling, but in the sitting" Jesse Livermore 1

2 SHARPENING OUR TOOLS, READY TO TAKE ACTION G old shares and silver bounced up further this week while gold held near the highs. They're holding stubbornly firm, and low interest rates together with some safe haven buying have been good reasons why this week. As you may know by now, the Fed left interest rates unchanged last Wednesday. It also said it expects only two interest rate increases this year, half as many as it projected just last December. This pushed up gold, oil and bonds, while the U.S. Dollar fell. It s not easy for the Fed to try and raise rates in a world that s been turning to negative rates. The surprise move by the Bank of Japan to lower interest rates to negative last January is also boosting gold. According to Japan's biggest gold retailer, customers feel it's better to turn their savings into gold as a safe asset rather than deposit money at banks with low or negative interest rates. Europe is likely following. And now Hungry, the first emerging economy, is lowering their rates to negative. This is a growing trend, and it's adding more allure to gold. And with the U.S. economy still chugging in a slowing global world, we don t see interest rates much higher this year. Some safe haven buying came into gold again yesterday in the wake of the horrific terror attacks in Belgium. But gold and gold shares are still ripe for a normal downward correction. Gold reached a high on March 2

3 1, and it s poised to decline in a decline we call D. Gold and bonds have been the safe havens in recent times. The Chart Above shows the similar movements in both. Note how bonds have been moving in step with the A- D moves in gold. But interestingly, bonds have been leading gold. You can see, for instance, bonds led gold last December when gold reached its low. This time around, bonds peaked in February and gold has so far reached a high in March. This means once gold declines and stays below $124 on a 2 dc, a correction will be underway. We have our long positions on gold covered with a bear put spread. I'll also be watching this weakness like a hawk to see when the best time will be to buy new long positions and offset our put spread. for 216, and the upcoming weakness will be very interesting to see how low it ll go. Meanwhile, silver is quietly building its power. Silver rose to a 5 month high this past week. Most impressive, it broke above its 65 week MA along the way, See Chart the Left. Silver is looking more impressive this month with the help of a stronger resource sector. It s also now outperforming gold after falling to its 28 lows in gold terms. Silver has been bombed out, but it could surprise on the upside. Don t be surprised if we see a mild decline and a stronger rise in the months ahead. We re well positioned for a silver rise. Keep your positions. Another positive is the major Dutch bank, ABN Amro, has increased its forecast for gold. It s year end target for gold is now $137, and it s higher for 217 as well. This adds to the belief that gold is in the midst of a major turnaround for 216. Gold remains the commodity futures leader Gold shares have been the strongest and the rise doesn t seem to tire. But gold shares are extremely overbought, and it s just a matter of time before we see some weakness. We re well prepared in this edition to take advantage of weakness to buy at various downside levels in AEM, NGD, GG and NUGT. We re also looking to take advantage of ST weakness for speculators by picking up some DUST at a certain price level. We ll also buy a gold booster on weakness with some DGP. Our Chart of the Week shows the ongoing contra trends we ve been talking about. The red arrows show the bear market rebound rises in the stock market, crude oil, the 1 year yield and commodities. It s not over yet, but there are 3

4 signs, especially in the stock market that its contra-trend is near maturity. In anticipation of a possible renewed decline, we ve picking up some SDS. This rises when the S&P5 declines. As an aside, note the green dashed line on the chart. This marks the high areas last May in these 4 markets. It marked the deflationary forces that took over since then, and only now are we seeing a bounce up in the contra-trends. The trends are still down, see blue lines. The yields may also be getting closer to the highs. That is, the flip side, the bond market is set to rise in a renewed rise once current weakness is over. Bonds are still under pressure, and we ll still being patient in buying some UBT on further bond weakness. (1 year yield rise). Commodities are looking better as time goes on. Copper jumped up further to a 2 week high. China is responsible for almost half of copper demand and according to data released yesterday, copper imports surged by almost 56%. January and February saw China s copper imports rise 3%! Plus, even some of the softs, like lumber and sugar are jumping up. We ll be keeping our eye on this impressive contra-trend, and this includes energy and oil. These markets also got an indirect boost from the weaker U.S. dollar this past week. It looks overdone for now, and a bounce up to possibly even the 1 level is possible, but that wouldn t change the major topping area that s underway in the Dollar. Our strategy for this week is to reflect on our quote for today. Sitting and being patient is a good thing. Keep a close eye on our entry levels in the various gold and gold share charts. Buy when our entry levels are triggered. We ll keep our gold bear put spread, and we ll be quick to buy DUST when the entry level is hit. Our SDS (inverse ETF to S&P5) is in a good position. Likewise for the bond market positions. Good luck and good trading, Omar Ayales Chief Trading Strategist GCRU A division of Aden Research Group 4

5 MARKET LEADERS 5

6 GOLD APRIL 216 (GCJ16) 3/22/216 CLOSE = CONTINUES TO FORM AN UPSIDE WEDGE WITH DOWNSIDE TARGET AT 113 A DEC B O N D J F M FEB VULNERABLE BELOW MT MA TESTING ZERO C 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 below 12 and more on a decline below 117. Gold continues to edge lower within the newly formed Mar downtrend. Gold is now testing its bullish Jan uptrend near 124. Moreover, gold continues to rise within a bearish wedge pattern with downside target at the Dec uptrend near 113. If gold breaks below 124 on a 2dc, we could see the start of a pull back to this support level. Notice Spinner failing to build up momentum as it failed to break above its MT MA and now it's turning down, at the zero line. This tells us momentum could be shifting to the downside ST. We recommend buying gold at different support levels, such as 12 and below 117, ideally near 113. Keep your stops below 112. A decline below this level on a 2dc could push gold to re-test its key support level at 15. Keep you put spread until a decline reaches maturity. 6

7 SILVER MAY 216 (SIK16) 3/22/216 CLOSE= OCT 5 MONTH HIGH! FEB BROKE ABOVE OCT DOWNTREND! VERY BULLISH ABOVE FEB DEC BULLISH! O N D J F M Long at: (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). Stop 2dc below 14 (SLV: 2dc below 13.75). Profit Target (reached!) & 17.5 (SLV: & 17) New Recom: Keep your positions, and buy more near 15. Sell at second profit target. Silver continues to push against the Oct downtrend and resistance. It's edging higher as the resource sector gains ground. Silver will remain very strong with good upside potential by staying above the Feb uptrend near Spinner also remains with upside bias by holding above zero. If silver rises and stays above 16, it'll confirm a bullish breakout that could push silver to our second profit target near On the downside, if silver fails to move higher, above 16, it'll trigger signs of exhaustion that could turn to weakness, pushing silver to test the Jan uptrend near 15. A break below this level would be bearish and a decline to the Jan lows, below 14, would then be likely. Keep your positions and look to buy more on a decline to 15. 7

8 U.S. DOLLAR INDEX JUNE 216 (DXM16) 3/22/216 CLOSE= MAR 215 FELL TO 5 MO LOWS BUT HOLDING ABOVE KEY SUPPORT DEC MAY AUG OCT 94 PRESSURE DOWN M A M J J A S O N D J F M New Recom Stay out The dollar continues to fluctuate within its year long sideways band. It continously fails to break above key resistance at 1, and this week it declined below its Aug uptrend showing a growing tendency towards the downside. Spinner has been leading and it continues to show weakness. Keep in mind, as long as the dollar stays above its key support at 93.75, it'll remain strong with upside potential. However, a break below on a 2dc would expose critical weakness that could trigger a change in trend, which would be very bullish for gold. Keep your cash in U.S. dollars for now as it's still the strongest currency around. 8

9 NOV LIGHT CRUDE OIL MAY 215 (CLK16) 3/22/216 CLOSE= CONTINUES TO RESIST AT 216 HIGHS NEXT RESISTANCE FEB HOLDING ABOVE ZERO = UPSIDE BIAS N D J F M Recom: Stay out for now. Crude rose to the Jan highs. It penetrated the resistance line near 41 but continues to resist. Crude will remain bullish with good upside potential by staying above the Feb uptrend near 37. Notice crude forming a bullish ascending triangle between the Feb uptrend and the Jan high resistance. A clear break on a 2dc above 42 would confirm bullish pattern and a rise to the Nov high near 5 would then be likely. On the downside, if crude fails to rise further, it could then decline to test the Feb uptrend. A break below this level would push crude back to bearish territory and could then test the Jan/Feb lows near 3 or lower. 9

10 CBOE Interest Rate 1 Year T No (^TNX) 3/22/216 CLOSE= 1.94 US$ NOV DEC REMAINS BULLISH ABOVE FEB UPTREND NEAR OCT KEY RESISTANCE AT 2.25 IS TARGET FEB HOLDING AT ZERO = READY TO RE-SURGE? O N D J F M CBOE Interest Rate 1 Year T No (^TNX) - Chicago options Interest rates continue rising consistently within a rebound upchannel since Feb. The 1 year yield's next resistance level is at the Nov downtrend near Moreover, notice Spinner looking for a bottom near zero. This tells us if TNX can stay above the Feb uptrend at 1.8, it'll remain bullish with an upside target at the 2.25 resistance level. Keep your TMV position for now. 1

11 COPPER MAY 216 (HGK16) 3/22/216 CLOSE= SEPT OCT REACHED ALMOST 5 MO HIGH! UPTREND IS KEY SUPPORT FEB RESISTING, BUT LOOKS GOOD ABOVE ZERO A S O N D J F M Copper continued its rise after breaking above the Sept downtrend. This week copper reached an almost 5 mo high! It's now very bullish by staying above the Feb uptrend near 2.2 and it has solid support at the Jan uptrend at 2.1. Spinner exposing some weakness below its MT MA but it's also holding above the zero line. This tells us upside potential outweighs downside risk. Remember a strong copper and resource sector bodes well for silver

12 SPDR DOW JONES INDUSTRIAL (DIA) 3/22/216 CLOSE= LS AUG NOV BULLISH ABOVE MT MA & ZERO BUT AT HIGHS A S O N D J F M MACD (12, 26, 9) MACD (12, 26, 9) A S O N D J F M H DEC AT KEY RESISTANCE LEVEL FEB DWINDLING & VULNERABLE RS? AUG AUG Shares Transportation Average (^IYT) 3/22/216 CLOSE= NOV BULLISH BUT APPROACHING KEY RESISTANCE... AT EXTREME OVERBOUGHT A S O N D J F M A S O N D J F M ON THE DECLINE, TESTING ZERO New Recom Stay out. The stock market continued to rise. The Transports failed their wedge and jumped towards the Aug downtrend and key resistance. The Industrials followed in the rise, but they continue to form bearish patterns, such as an upside wedge and a H&S top. Notice Spinner and MACD for both the Industrials and the Transportations. Spinner is extremely overbought on both charts and MACD remains weak below zero. Keep in mind, stocks remain in a bear market unless both averages can rise to new highs.we recommend holding on to your position in SDS (3x inverse ETF that follows the S/P 5). 12

13 ADEN GOLD STOCKS ADV/DEC LINE 3/22/216 CLOSE = DAY MA HOLDING STRONG IN A TOPPY PATTERN NOV O N D J F M 75 DAY MA IS KEY+ VULNERABLE BELOW MT MA OCT HUI GOLD BUGS INDEX (HUI) 3/22/216 CLOSE= VERY BULLISH ABOVE UPTREND AT 174 NOV DEC MAR DEC O N D J F M MAR BULLISH ABOVE ZERO & UPTREND, WATCH MT MA LOSING STEAM MACD (12, 26, 9) LOOKING TO BOTTOM NEAR LOWS MACD (12, 26, 9) ZERO LINE IS KEY RESISTANCE O N D J F M O N D J F M Rolling over? Gold shares have held strong within gold s renewed cyclical bull market. HUI has risen an approximate 8% from the Jan lows to this week s high and they're poised to rise further. However, our indicators continue to show gold and gold shares at extreme overbought levels with limited upside ST. Notice the A/D Line starting to roll over at the recent highs as Spinner remains lackluster, resisting below its MT MA signaling exhaustion. MACD is in bearish territory confirming lackluster strength at the highs. If the A/D Line now breaks below 44 on a 2dc, it could decline to the 75 day MA near 43 or lower, to possibly the Nov uptrend near 425. An A/D Line decline is likely to lead HUI as well. HUI must break below the Jan uptrend on a 2dc below 172 to see a change in ST trend that could push HUI to its previous Oct high resistance level near 14. A correction of this nature would be normal. Moreover, keep in mind gold shares will remain bullish as long as HUI and the A/D Line hold above 14 and 425, respectively. A break below these levels would trigger uncertainty and fear that could lead to a bearish decline to the Nov- Jan lows. We're currently out of gold shares and recommend buying bits at different support levels. This way will be buying during weakness, averaging in, in case of a sharper decline. 13

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15 Agnico Eagle Mines Limited (AEM) 3/22/216 CLOSE= SEPT BROKE ABOVE SIDEWAYS BAND BUT CONTINUES TO FORM BEARISH WEDGE PATTERN S O N D J F M SEPT UPTREND IS MAIN SUPPORT BULLISH BUT LOOKING TOPPY MAR 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 rose to a 2 mo high after breaking above the top side of the 1 mo long sideways band at 36.5 showing impressive strength. AEM is confirming its bullish rise, telling us more upside is now likely. On the downside, a pull back seems inevitable and Spinner is showing signs of limited upside as it forms a top. A break back below 36.5 on a 2dc could push AEM to its next support near 33. We recommend buying some AEM at 33 and more on a decline to the Sept uptrend near

16 PROSHARES ULTRA 2+Year Treasury (UBT) 3/22/216 CLOSE= NOV CONTINUES TO RESIST BELOW FEB DOWNTREND NEAR 84.5 DEC N D J F M FEB BOTTOMING ABOVE MT MA, BUT RESISTING BELOW ZERO ProShares Ultra 2+ Year Treasury (UBT) -NYSEArca New Recom: OPEN ORDER Buy on a further pull back below 82 and more above the Nov uptrend near 76. Place stops at 2dc below 74. Profit target at 9. UBT failed once again to break above the Feb downtrend showing weakness. It's now holding at the (adj) Dec uptrend near A break below this level could push UBT to possibly as low as the Nov uptrend near 76, our ideal entry level. A lackluster Spinner is adding to the pressure. Spinner will continue to show weakness by staying below zero. Keep in mind bonds have been very strong. We recommend buying positions at support levels. 16

17 DB Gold Double Long ETN (DGP) 3/22/216 CLOSE= LOWER HIGHS IN MARCH, BUT HOLDING ABOVE BULLISH UPTREND OCT MAR DEC RESISTING = WEAKNESS O N D J F M DB Gold Double Long ETN (DGP) -NYSEArca New Recom: OPEN ORDER Buy on a decline near 21. Place stops at 2dc below 2. DGP continues to decline from the recent high earlier this month. It's now testing its bullish Jan uptrend near 25. A break below 25 on a 2dc would show weakness that could push DGP to the Dec uptrend near 2.5. Notice Spinner as it continues to weaken. It continuously fails to break above its MT MA showing weakness. We recommend staying out for now and buying on a decline to the Dec uptrend near

18 Direxion Daily 2+ Yr Trsy Bear 3X ETF (TMV) 3/22/216 CLOSE= NOV REMAINS WITH ST UPSIDE BIAS BY STAYING ABOVE FEB UPTREND NEAR MOVES WITH 2+ YEAR YIELDS (3X MORE) FEB BELOW MT MA, HOLDING AT ZERO N D J F M -2.5 Direxion Daily 2+ Yr Trsy Bear 3X ETF (TMV)-NYSEArca Long at: 21.8 (Mar-3-16), 21.8 (Mar-9-16). Stop 2dc below 2. Profit Target New Recom: 24 (adj). Keep your positions. Sell at profit target. TMV continues to rise and by staying above the Feb uptrend at 21.5, it's poised to rise to the top side of the upchannel near 24. Notice the top side of the upchannel converging with the Nov downtrend creating a key resistance level. This convergence will add to TMV's pressure in the weeks to come. If TMV fails to break above this resistance, LT yields will be poised to resume its main trend to the downside. 18

19 PROSHARES ULTRASHORT S&P5 (SDS) 3/22/216 CLOSE= AUG HOLDING AT KEY SUPPORT NEAR ALL TIME LOWS FEB NOV 19 BOTTOM FISHING? J A S O N D J F M ProShares UltraShort S&P5 (SDS)-NYSEArca Long at: (Mar-11-16), 19.6 (Mar-16-16) Stop: Profit Target: New Recom: 2dc below & 25 Keep your new position. If not in, buy at mkt. SDS declined to the Nov lows near 19 within a bullish downside wedge. An upside target at 24 is possible, and with Spinner at extreme oversold levels looking for a bottom. This tells us downside is likely limited to the Nov lows and time for a rebound has arrived. If SDS holds above 19, it'll rise to the wedge target for a handsome profit. Keep your positions or buy new ones if not yet in, or if not yet in with a full position. 19

20 New Gold, Inc. (NGD) 3/22/216 CLOSE= 3.83 US$ 4.25 RISING WEDGE STILL FORMING JUN ON THE DECLINE + RESISTING BELOW MT MA J J A S O N D J F M New Gold, Inc. (NGD) -Nyse mkt New Recom: Buy on a decline to Place stops on 2dc below 2.5. NGD reached a new high this past week. However, it failed to build up on its rise and has started to decline. NGD is now at its bullish Jan uptrend near 3.65 while Spinner shows increasing weakness and more downside risk. Moreover, NGD remains within a bearish upside wedge with downside target at A break below the 3.65 uptrend would confirm the pattern and a decline to the 2.75 target level would then be likely. We recommend waiting for the decline before buying again. 2

21 DIREXION GOLD MINERS BEAR 3X Shrs (DUST) 3/22/216 CLOSE= 3.13 NOV CONTINUES TO HUG BOTTOM SIDE OF 6+ MO DOWNCHANNEL FAN LINES? RESISTING BELOW ZERO N D J F M -7 GOLD MINER BEAR 3X DIREXION (NYSE: DUST) New Recom: Buy some on a 1dc above 3.5 and more on a break above 4. Place stops at 2dc below 3. Profit targets at 8 & 14. DUST continues to hug the bottom side of the Nov downchannel as Spinner flattens below zero. This tells us DUST is weak and downside pressure is strong. However, if DUST rises above its 5wk MA (or HUI declines below its 5wk MA), we could see a rebound rise to the mid-channel line develop. We recommend buying some at 3.5 and more on a 1dc above 4 (5wk MA). The idea behind this trade would be to profit from a quick pull back decline in gold shares. 21

22 DIREXION GOLD MINERS BULL 3X ETF (NUGT) 3/22/216 CLOSE= OCT HOLDING NEAR THE HIGHS... UPTREND NEAR 56 IS KEY BROKE ABOVE MT MA BUT CONTINUES TO RESIST MAR O N D J F M -15 Direxion Daily Gold Miners Bull 3X ETF (NUGT) -NYSEArca Recom: Stay out for now. NUGT has remained bullishly near the highs. It actually reached a new high this past week! Moreover, NUGT will remain bullish by staying above the Jan uptrend near 56. A break below 56 on a 2dc would show a change in trend and a decline to NUGT's next support at 4 would then be likely. Notice Spinner showing signs of weakness as it fails to rise with strength above its MT MA. We recommend staying out for now as weakness is likely to feed NUGT's pull back or correction. We'll be looking to buy some at the 4 level. 22

23 Goldcorp Inc. (GG) 3/22/216 CLOSE= UPSIDE WEDGE PATTERN FORMING O N D J F M Goldcorp Inc. (GG) -NYSE New Recom: Buy on a decline near 13. Place stops at 2dc below 12. Profit targets at 17 and higher. GG continues to rise within an upside wedge with downside target near 13. GG must break below 16 on a 2dc to confirm the bearish wedge pattern. Spinner above zero but remains lackluster showing dwindling strength. Stay out for now and buy on a decline to 13. RISE CURBING?

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 DUST Buy on a decline near 13. Place stops at 2dc below 12. Profit targets at 17. Buy some on a 1dc above 3.5 and more on a break above 4. Place stops at 2dc below 3. Profit targets at 8 & 14. O dc below AEM Buy some on a decline near 33 and more near 3. Place stops on 2dc below 28. Profit target at 4. O SDS Keep your new position. If not in, buy at mkt. L Mar dc below TMV Keep your positions. Sell at profit target. L Mar dc below NGD Buy on a decline to Place stops on 2dc below 2.5. O 3.83 NUGT Stay out for now. O UBT Buy on a further pull back below 82 and more near the Nov uptrend near 76. Place stops at 2dc below 74. Profit target at 9. O DGP Buy on a decline near 21. Place stops at 2dc below 2. O MARKET LEADERS Gold - GCJ16 Keep your positions. Buy some again below 12 and more on a decline below 117. L Mar dc below Crude- CLK16 Stay out for now. O Silver SIK16 Keep your positions, and buy more near 15. Sell at second profit target. L Dec 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: (resisting). 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