- GCRU- Weekly Trading Service

Transcription

1 - GCRU- Weekly Trading Service GCRU #68 March 16, 216 (in its 15 th year) IN THIS EDITION PULLING BACK 2 Open Positions 23 Abbreviations 24 MARKET LEADERS Gold (futures) 6 Silver (futures) 7 US Dollar Index 8 Crude (futures) 9 Interest Rate 1 Yr Note (TNX) 1 D. Industrials & D. Transports 11 HUI & Adv/Dec Line 12 Gold still represents the ultimate form of payment in the world. Fiat money in extremis is accepted by nobody. Gold is always accepted" Alan Greenspan, May 2, 1999 STOCKS Agnico Eagle Mines Limited (AEM) 14 Proshares Ultra 2+Year Treasury (UBT 15 DB Gold Double Long ETN (DGP) 16 Direxion Daily 2+ Yr. Trsy Bear 3x (TM 17 Proshares Ultra Short S&P 5 (SDS) 18 New Gold (NGD) 18 Direxion Gold Miners Bear (DUST) 2 Direxion Gold Miners Bull (NUGT) 21 Goldcorp Inc. (GG) 22 1

2 PULLING BACK G old is finally joining the contratrend parade. It reached another one year high intraday high on Friday, only to fall thereafter, declining to a 2 week low yesterday ahead of the much awaited Fed decision on interest rates today. But we don't think rates will be raised by the Fed today. When considering the ECB's surprise decision last Thursday to expand their monetary QE program and lower their already negative interest rates even lower, it seems more likely the Fed will kick a rate hike down the road. Plus, they slashed this year's euro inflation forecast to.1%, much lower than the 1% just a few months ago. The global economy is sluggish, and China added to this environment this past week with its weak export data. Meanwhile, gold is turning bullish for the first time since the bear market started. This is impressive and especially the gold shares rise. The HUI has been so strong that it's still holding firmly near the highs. But considering that both gold and gold shares are extremely overbought, it looks like gold is leading gold shares down in a ST correction. And this is why we have gold on the front page. Here you can see gold broke its 5 week MA yesterday for the first time since the rise started at the turn of the year. If gold now stays below this MA at $124, the correction is underway. And gold shares will follow. We have a long position on gold and silver. To protect it against weakness, last week we suggested buying a put spread as insurance for the downside. If you bought it this past week, keep it. And for speculator's only, we now recommend buying some DUST for the downward correction in gold shares, but only if it breaks above its 5wk MA near This is a 3x move and it's a ST move for the upcoming downside. See inside this edition for our guidance. Our main focus for all of you is to buy new gold and gold share positions on weakness, during this decline we call a D decline. We're giving you several open positions for this in today's edition in gold, silver, AEM, DGP, NGD, GG and NUGT. Watch these closely and buy if our open position is triggered. Silver also started to decline with gold. However, recent strength in the resource sector is giving silver support above $15. Moreover, it's interesting to note that the gold to silver ratio is at the 28 highs. The gold to silver ratio shows the amount of silver needed to buy an ounce of gold. And the ratio is showing gold is expensive relative to silver. This tells us we could see the ratio balance in favor of silver. That also means silver could hold up more than 2

3 gold during weakness, and rise more than gold. We currently have a full position in silver and recommend holding on to it. We've also lowered our stop loss to $14 to give some wiggle room as we feel our silver position is solid. The U.S. dollar is also poised to rise ST which should keep pressure on gold for the correction. The Next Chart shows the dollar index set to rise. Its ST indicator is rising from the lows, while the dollar itself has stayed within a 6 month uptrend. This means if it closes above 98, it could possibly test the highs, the top side of the year-long sideways band. And a rise like this could hurt gold ST, yet not for long because the dollar is still forming a one year top. One thing in the dollar's favor is long term interest rates. Note on the last chart (next page), the 3 year yield continues to bounce up in a contra-trend rise. Its ST indicator is rising briskly and it has room to rise more. This means the yield could rise further to possibly its June downtrend, yet the major trend would still be down. This rise would help boost the dollar as well, and therefore add pressure to gold. We picked up some more TMV (moves with long-term interest rates). It continues to have higher lows while interest rates continue to rebound. TMV is looking good and although we don t think the Fed will raise ST rates this week, long rates are another story. The stock market continued to rebound as well, approaching key resistance levels. However, the indicators are showing that the rise is over-extended. We secured a position in SDS near a key support level at the lows. Remember SDS is an inverse ETF to S&P 5, and it'll rise when the stock market declines. We're positioned for weakness in stocks. Our strategy this week is to keep a close eye on gold and the U.S. dollar. We recommend buying gold on the downside at key support levels as identified in the 3

4 chart section below. Remember the bull market is strong, but we can't take the downside for granted. We'll keep our gold bear put spread. And if HUI breaks below its 5wk MA, we'll be buying DUST (3x inverse ETF to HUI). The dollar is also key as it continues to rebound. The key level to watch is 1 on the upside and on the downside. If you haven't bought some SDS (inverse ETF to S&P 5), we recommend picking some up below 2. Keep a close eye on stop losses, profit targets and open positions, and be ready to act if they're hit. 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) 3/15/216 CLOSE = 1231 FRIDAY'S INTRADAY HIGH A KEY REVERSAL DAY? A FEB JAN DEC TESTING ZERO & BELOW MT MA, VULNERABLE O N D J F M 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 rose with strength this past week, reaching new highs for the move. However, Friday seems to have been a key reversal day which would mark the end of the current rise and the start of a correction or significant pull back. Key reversal days usually start the day off strong, at the same price or higher than the previous day close. It then tends to rise with strength and as the trading day develops, price falls closing below the previous day close. The move is more significant when action is on high trading volume for the day. All of which happened to gold on Friday when it reached a new intraday high for the move. It has since declined, approaching the bullish Jan uptrend near 122. A break below 122 on a 2dc would confirm weakness and a decline to the Dec uptrend near 113 would then be likely. Spinner had been signaling weakness for the better part of the past month and confirmed this week when it failed to rise above its MT MA. Moreover, it closed below zero showing pressure increasing. Keep in mind, gold remains very bullish within a renewed cyclical bull market and we recommend buying as gold declines at different support levels while keeping your put spread which should gain on the decline. On the downside, if gold breaks below the critical 113 uptrend and support level, it'll show more weakness is likely. Keep your position and add to it at support levels as gold pulls back. 6

7 SILVER MAY 216 (SIK16) 3/15/216 CLOSE= OCT 16.5 FEB 16 RESISTING AT DOWNTREND... REMAINS BULLISH ABOVE JAN UPTREND AT JAN DEC BULLISH ABOVE MT MA & ZERO M J J A S O N D J F M Long at: Stop (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). 2dc below 14 (SLV: 2dc below 13.75) (Adj). Profit Target (reached!) & 17.5 (SLV: & 17) New Recom: Keep your positions, and buy more near 14. Sell at second profit target. Silver failed at a renewed attempt to break above the Oct downtrend near However, silver remains positioned to rise further by staying above the Jan uptrend at 15, and as long as copper and the resource sector remains positioned to rise further. Spinner is showing strength as it holds above its MT MA and zero line, despite a lackluster rise. This tells us bias remains to the upside for silver. Keep in mind, silver continues to form a bullish Cup & Handle formation. A break above 15.9 on a 2dc would be very bullish and a rise to our second profit target could occur. On the downside, if silver breaks below the Jan uptrend on a 2dc below 15, it'll show weakness that could push silver to its next support at the Dec uptrend near 14. Keep in mind the gold to silver ratio (amount of silver needed to buy an ounce of gold) is near historic high levels, meaning it takes more silver to buy gold than at most other times in history. This tells us, we could see silver appreciate relative to gold. We recommend keeping your silver. Moreover, if silver falls below the 15 support level, then buy with both hands near the Dec uptrend at 14. 7

8 U.S. DOLLAR INDEX JUNE 216 (DXM16) 3/15/216 CLOSE= MAR 215 BARELY HOLDING ON TO AUG UPTREND DEC MAY AUG OCT 94 M A M J J A S O N D J F M New Recom Stay out. REMAINS WEAK BELOW DOWNTREND, ZERO AND MT MA The U.S. dollar index dipped below the Aug uptrend after failing to rise above its key resistance level at 1. Spinner continues to show a weakening dollar as it stays well below a year long downtrend, the zero line and its MT MA. The Dollar index could test 1 if 98 is surpassed, but it's vulnerable below 1. Keep in mind, the dollar will remain with an upward bias as long as it holds above the bottom side of the year long sideways band near Don't count the dollar out unless this level is broken to the downside. 8

9 LIGHT CRUDE OIL APRIL 215 (CLJ16) 3/15/216 CLOSE= NOV BROKE OUT... BUT CONTINUES TO RESIST... BEAR TRAP? JAN NEXT RESISTANCE JAN FEB MOMENTUM TOPPING? N D J F M Recom: Stay out for now. Crude has found some resistance at the Jan highs near 4. However, crude remains on a healthy rebound as long as it stays above the Feb uptrend at 34. However, it must break above the Jan highs on a 2dc above 4 to see renewed strength. Spinner rolling over near a ST overbought level telling us upside momentum may be waning ST. A break below the Feb uptrend could push crude to the Feb lows, just below 3. Stay out for now as fundamentals regarding the oil glut remain in place and will likely continue to add pressure. 9

10 CBOE Interest Rate 1 Year T No (^TNX) 3/15/216 CLOSE= 1.96 US$ NOV DEC ROSE TO 5WK HIGH! OCT KEY RESISTANCE AT 2.25 IS TARGET FEB BULLISH ON THE RISE O N D J F M CBOE Interest Rate 1 Year T No (^TNX) - Chicago options Interest rates reached a 1+ month high this past week! It's now holding near the top side of the Feb upchannel near 2. Moreover, Spinner is very bullish with room to rise further. This tells us the upside is open and a rise to the Nov downtrend near 2.25 is likely. Interest rates will remain with an upward bias by holding above the Feb uptrend near 1.8. Keep your TMV position. It's poised to rise further. 1

11 SPDR DOW JONES INDUSTRIAL (DIA) 3/15/216 CLOSE= LS AUG NOV HOLDING AT MT MA 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 RISING STRONGLY BUT BEARISH PATTERNS STILL FORMING VALID FEB STILL RESISTING AT MT MA = WEAKNESS RS? AUG AUG Shares Transportation Average (^IYT) 3/15/216 CLOSE= NOV HOLDING AT 3 MO HIGHS! BEARISH WEDGE FORMING HELD AT ZERO = BULLISH, BUT BELOW MT MA SIGNALS CAUTION A S O N D J F M PRESSURE INCREASING A S O N D J F M New Recom Stay out. The Industrials rose to new 2+ mo highs this past week showing strength within a rebound rise that began in Jan. Both averages have had a strong rise. However, both the Industrials and the Transports must break above their Nov and Aug downtrends, respectively. Moreover, the Industrials continue to form a right shoulder within a bearish H&S top while the Transports are starting to turn the corner as it forms a bearish upside wedge. Moreover, notice Spinners for both averages looking toppy at overbought levels. This tells us upside is limited ST. We've been buying SDS (inverse ETF for the S&P 5) to gain on stock market weakness. We recommend keeping your positions and buying some below 2 if not yet in. 11

12 ADEN GOLD STOCKS ADV/DEC LINE 3/15/216 CLOSE = 4419 ROLLING OVER AT HIGHS? 75 DAY MA NOV O N D J F M JAN 75 DAY MA IS KEY+ CONTINUES TO WEAKEN... LEADING OCT HUI GOLD BUGS INDEX (HUI) 3/15/216 CLOSE= BREAKING BELOW BULLISH JAN UPTREND NOV DEC JAN MAR DEC O N D J F M MAR BULLISH ABOVE UPTREND BUT SHOWING WEAKNESS BELOW MT MA MACD (12, 26, 9) VULNERABLE BELOW ZERO + MTMA O N D J F M MACD (12, 26, 9) ROOM TO DECLINE FURTHER O N D J F M More signs of an intermediate top? Gold shares continue to hold near the highs, consolidating their bullish rise since Jan. However, signs of ST exhaustion are popping up everywhere telling us to be cautious. The chart on the right shows HUI forming a top at the highs as it breaks below its bullish uptrend since Jan. Moreover, notice Spinner unable to break above its MT MA showing a weakening tendency ST while MACD remains below zero and MT MA. This tells us the rise may be done ST and exhaustion could turn to weakness if HUI breaks below its 5wk MA at 165 on a 2dc. Moreover, on the left, the A/D Line is also showing signs of slowing down. The rise has been starting to roll as Spinner continues its month long decline from the highs. Keep in mind, however, gold shares are in a cyclical bull market and any weakness that we re seeing now is likely ST. Our targets on the downside are the 75 day MA for the A/D Line near 43 and 14 for HUI, it's previous Oct high resistance. We've added DUST once again to our stable of charts to try and gain on ST weakness for speculator's only. However, we're also adding different gold shares with specific entry levels that should be reached during weakness. 12

13 STOCKS 13

14 Agnico Eagle Mines Limited (AEM) 3/15/216 CLOSE= REMAINS IN A MONTH LONG CONSOLIDATION OCT SEPT S O N D J F M JAN SEPT UPTREND IS MAIN SUPPORT TURNING ST BULLISH? Agnico Eagle Mines Limited (AEM) - Nyse New Recom: OPEN ORDER Buy on a decline near 3 and more near 28. Place stops on 2dc below 28. Profit target at 36 and 4. Flirting with the upside wedge? AEM continues to form a bearish upside wedge with a downside near the Sept uptrend support level at 28-3, our ideal entry target. However, AEM also remains near the highs in a tight sideways consolidation band between 33 and A break below the Jan uptrend near 35 on 1 dc would show signs of weakness. However, AEM must break below the bottom side of the month long sideways band on a 2dc below 33 to see clear ST weakness that could push AEM to the Sept uptrend. Interestingly, Spinner broke back above zero and its MT MA showing a potential renewed rise in momentum. Keep in mind AEM must break above the top side of the month long sideways band on a 2dc above 36.5 to validate Spinner. Stay out for now and wait for a pull back to the Sept uptrend to buy. Patience. 14

15 PROSHARES ULTRA 2+Year Treasury (UBT) 3/15/216 CLOSE= NOV RESISTED AT FEB DOWNTREND AND IS NOW RESUMING DECLINE DEC FEB 7 STILL BEARISH, BUT FORMING A BOTTOM AT AN EXTREME OVERSOLD LEVEL N D J F M ProShares Ultra 2+ Year Treasury (UBT) -NYSEArca New Recom: OPEN ORDER Buy on a further pull back below 8 and more near the Nov uptrend near 76. Place stops at 2dc below 74. Profit target at 9. UBT failed to break above the Feb downtrend showing increasing downside pressure. Moreover, UBT reached a new 1+ mo low on Friday while Spinner continues to resist below its MT MA and zero line. This tells us weakness is not over yet and more downside for UBT is likely. Keep in mind the Nov uptrend near 76 is UBT's key support and uptrend, and UBT will remain bullish longer term by staying above it. We recommend buying near this level and up to 8. 15

16 DB Gold Double Long ETN (DGP) 3/15/216 CLOSE= TESTING JAN UPTREND & UPSIDE WEDGE WITH DOWNSIDE TARGET NEAR 21. OCT DEC O N D J F M JAN CONTINUES TO RESIST AT MT MA = DOWNSIDE PRESSURE INTENSIFYING DB Gold Double Long ETN (DGP) -NYSEArca New Recom: OPEN ORDER Buy on a decline near 21. Place stops at 2dc below 2. DGP forming a 5 month upside wedge with downside target at the Dec uptrend near 2. A break below the Jan uptrend on a 2dc below 24 would confirm the bearish pattern and DGP would then be positioned to decline to the Dec uptrend, its key uptrend and next support. Moreover, notice Spinner resisting below its MT MA, near the zero line showing increasing downside pressure. Note the ST upside wedge is breaking down... leading the way? This tells us we could see more downside first, before higher highs. Stay out for now, but be quick to buy at the key support near

17 Direxion Daily 2+ Yr Trsy Bear 3X ETF (TMV) 3/15/216 CLOSE= NOV TOP SIDE OF FEB CHANNEL CONVERGING WITH NOV DOWNTREND INTO A KEY RESISTANCE MOVES WITH 2+ YEAR YIELDS (3X MORE) REACHED 1+ MO HIGH ON FRIDAY! FEB LOOKS GOOD ABOVE MT MA & 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 25 New Recom: Keep your positions. Sell all at or near profit target. TMV remains positioned to rise further, within the Feb upchannel. Spinner held above its MT MA and zero line showing potential for renewed strength. This tells us TMV is likely to rise to the 25 level where the Nov downtrend and the top side of the Feb upchannel are converging, exposing a key resistance level. A break to the upside would be bullish. If TMV fails to break above this level, weakness would be exposed and a decline to the Feb uptrend near 21 would then be likely. (You buy this if you think the 2+ year yields have more to rise ST). 17

18 PROSHARES ULTRASHORT S&P5 (SDS) 3/15/216 CLOSE= 19.8 AUG DOWNSIDE WEDGE CONTINUES TO FORM FEB NOV 19 ProShares UltraShort S&P5 (SDS)-NYSEArca Long at: (Mar-11-16). BROKE ABOVE MT MA BUT REMAINS UNDER PRESSURE J A S O N D J F M Stop: Profit Target: 2dc below & 25 New Recom: Keep your new position. If not in, buy below 2. SDS continues to form a downside wedge with an upside target at 23. Spinner is jumping up from an extreme low, breaking above an extremely depressed MT MA. This tells us downside pressure remains strong, but downside is limited ST. An SDS break above the Feb downtrend and bullish downside wedge on a 2dc above 2 would confirm the wedge pattern and a rise to our initial target would then be likely. Keep in mind SDS has good support above the Nov uptrend but also a bit lower, at the Nov lows, our stop loss. Keep your positions for now. 18

19 New Gold, Inc. (NGD) 3/15/216 CLOSE= 3.59 US$ 4.25 JUN RISING WEDGE, BREAKING DOWN OCT JAN DECLINING FROM EXTREME OVERBOUGHT 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 has had an impressive rise since Jan! It's been one of the strongest mid-size miners. However, its breaking below a bearish upside wedge with a downside target at Moreover, Spinner is declining from an extreme overbought level telling us some weakness ST is likely. We'll wait for weakness to unfold before buying. 19

20 DIREXION GOLD MINERS BEAR 3X Shrs (DUST) 3/15/216 CLOSE= 3.8 NOV READY FOR A BOUNCE? JAN APPROACHING ZERO N D J F M -7 GOLD MINER BEAR 3X DIREXION (NYSE: DUST) New Recom: Stay out for now. Buy on a 2dc above Place stops at 2dc below Profit targets at 1. DUST continues to hug the lower side of the channel while Spinner slowly rises from an extreme oversold level. This tells us the lows could be set for the move and some upside may now be likely. However, we'll wait until DUST breaks above its 5wk MA on a dc above 4.65 to confirm rising strength. A clear break above this level could push DUST to its 75 day MA near 1. Keep in mind, we continue to believe gold and gold shares are now in a bull market. Our play on weakness is ST and should be quick to sell if stop losses or profit targets are hit. 2

21 DIREXION GOLD MINERS BULL 3X ETF (NUGT) 3/15/216 CLOSE= OCT TESTING JAN UPTREND & SUPPORT NEAR 53 MAR JAN RESISTING BELOW MT MA AND NOW ZERO = SIGNS OF WEAKNESS O N D J F M -15 Direxion Daily Gold Miners Bull 3X ETF (NUGT) -NYSEArca Recom: Stay out for now. The 53 level is becoming key for NUGT. It's bullish Jan uptrend, the previous Oct high resistance and the 5wk MA are all converging, forming a support level. This tells us NUGT is strong by staying above it, but will show critical signs of ST weakness if breaks below it. A break below 53 on a 2dc could send NUGT to the 75 day MA near 34. Notice Spinner is showing increasing weakness as it fails to break above its MT MA. It's now dipping below zero which is re-affirming weakness that could push NUGT to break below 53 support. 21

22 Goldcorp Inc. (GG) 3/15/216 CLOSE= 16.2 RISING WEDGE FORMING MAR O N D J F M Goldcorp Inc. (GG) -NYSE New Recom: Buy near 13. Place stops at 2dc below Profit targets at 17. GG is forming a bearish upside wedge with downside target at Spinner rose above zero and its MT MA but continues to resist showing weakness. If GG breaks below 15 on a 2dc, the bearish wedge pattern would be underway and a decline to the target would then be likely. On the upside, a break above 17 on a 2dc would undue the bearish pattern. Keep your triggers ready. JAN LACKLUSTER

23 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 near 13. Place stops at 2dc below Profit targets at 17. Stay out for now. Buy on a 2dc above Place stops at 2dc below Profit targets at 1. O 16.2 O 3.8 AEM Buy on a decline near 3 and more near 28. Place stops on 2dc below 28. Profit target at 36 and 4. O SDS Keep your new position. If not in, buy below 2. L Mar dc below TMV Keep your positions. Sell all at or near profit target. L Mar dc below NGD Buy on a decline to Place stops on 2dc below 2.5. O 3.59 NUGT Stay out for now. O UBT Buy on a further pull back below 8 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. P Nov dc below Crude- CLJ16 Stay out for now. O Silver SIK16 Keep your positions, and buy more near 14. Sell at second profit target. L Dec dc below US Dollar DXM16 Stay out. O Interest Rates 1 Yr. Trading through TMV. O 1.96 Note 23

24 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: (corrections). 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 slower confirming line. Upside crosses in the lower range of positive territory offer the most reliable signals for longs; downside crosses in the top range of negative territory for shorts. Avoid trading against the timing line, ie, buying/selling if the timing line is in corrective mode (against direction of trade) unless the 1dc 2dc bot CAD$ H&S LOC LT MT NL PF PO Recom RH&S RS ST Sym/tri Tgt Unch Vol Wk Ystdy C 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 short term symmetrical triangle target unchanged volume week yesterday close 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 - 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! 24