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Gold Charts R Us
"Trade gold stocks to triple your profits."
GOLDEN BALL in your court

from Harry Schultz posted Dec 6, 2002

The following is an excerpt from Harry Schultz' current GCRU - Gold Charts R Us (18 gold charts each Wed, with buy/sell guidelines) - sent weekly by Email - $US100/mo for 3, 6, 9, or 12-month subscription periods (fax +$120 per 3-months) - you can subscribe here.

Welcome to GCRU #41 on Wed, Dec 4, 2002. We're reaching the break point on many gold charts as I begin this page on Tues morning Euro time. Many patterns are readily apparent. Some are forming mini head & shoulder tops (bearish if neckline breaks, bullish if left shoulder/head exceeded). But while U wait they're scary, eg, Iamgold, Glamis, Goldfields, Durban. Or potentially bearish descending triangles, eg, Nova & Goldcorp. Symmetrical triangles (neutral) like Newmont, Rio Narcea, XAU, HUI index. Central banks, bullion banks & US govt are fighting the gold mkt bitterly. It shouldn't be that way in free mkts & democracies. But we have neither. Citizens are disenfranchised. ·· We must prepare ourselves psychologically for a possible delay in upside breakout. But there are some positive clues that smack of success: US$ tried to breakout over 107 & couldn't, & closed down Monday, a bearish 1- day reversal. Other side of coin: euro fell Monday but closed higher, a bullish 1-day reversal. Is gold-bullish. And the NY bullion Feb futures chart shows a 1-day bullish reversal, & has a 2-wk bullish downwedge/flag; if breaks out: target 326, which is the moment of truth price. Over 327 & we break out of the 9-month symmetrical triangle that has held gold in check. At 327 we're into JohnWayne country. Target: 350.

Since writing the above, spot gold has suddenly jumped sharply, from 317 to 320 on big volume! This is a first for volume in gold for a long time. Perhaps what we've been waiting for. Tuesday's closing over 320 spot had a powerful effect on gold stocks which rose on average of 4.5% (6 of our favorites rose 8-9%). At 321.20 Feb gold has broken upside from mini flag; target 326. Holding breath. We're testing the breakpoints.

··Wed AM in Europe: spot gold still holding over 320. With a bit of luck we could be at edge of cloud 9. Stick to guidelines inside. Wearing an optimist hat. Gold bye-buy from your alchemist guru,

Uncle Harry

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Feb Gold weekly chart
February gold weekly chart

February gold futures Cx (12/03/02) - weekly chart (line & bar): MACD plot lines reflecting build up of pressure within weekly symmetrical triangle/coil formation. Although lines stubbornly refuse to give clear lead indication on breakout direction, slight bullish bias apparent via upturns in MACDMA & faster moving average in positive territory.

Feb Gold daily chart
February gold daily chart

February gold futures Cx (12/03/02) - daily chart (line & bar): MACD plot lines confirming breakout strength from mini bullish down wedge formation. Upside price target of 326.20 is just below top boundary of massive symmetrical triangle pattern. If U R out, buy foothold longs on continuing strength. All buy on close over 327.50. Stops 1-dc below 305.00. Hedge/lighten up on break below 316.50 &/or below 312.10. 

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NOTES: H = unchanged. Betwn = between. Ystdy = yesterday. H&S = head & shoulders. RS = relative strength. 1dc = 1-day close. 2dc = 2-day close.

Australian mkts are 1 day ahead of US time.

GCRU - Gold Charts R Us (18 gold charts each Wed, with buy/sell guidelines) - from Harry Schultz - sent weekly by Email - $US100/mo for 3, 6, 9, or 12-month subscription periods (fax +$120 per 3-months) - you can subscribe here.

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Who is Harry Schultz?

Chevalier Harry D. Schultz, KHC, KM, KCPR, KCSA, KCSS, is the highest paid investment consultant in the world at US$2,400/hour-US$3,400/hour on weekends (International Edition Guinness Book of Records 1981-2002).

To keep in touch with developments around the globe, Harry draws from correspondents in many countries, plus mountains of international newspapers, magazines, and other data. At the top command posts of Harry's elite HSL team are Chief Market Analyst, Paul Griffiths, and Research Editor/geopolitical analyst Gordon Frisch. Loyal HSL subscribers in 90 nations are much more than simply names and addresses; Harry and his team consider them part of their cherished global family.

Mr. Schultz is regularly quoted in books, articles, and interviews and by other newsletters (the "alternative press"). Arthur Hailey, a longtime personal friend and HSL subscriber, based his character Lewis Dorsey in the bestseller The Moneychangers, directly on Harry Schultz.

Harry has lived for extended periods in 18 nations, and shorter periods in many others. Knighted five times, Harry is a man for all seasons and a true citizen of the world.

Contact: E-mail: HSLmentor@racsa.co.cr
Fax: Monaco (377) 97 70 31 48
Mail: POBox 622, CH-1001-Lausanne, Switzerland

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posted at 321gold