Gold Charts R Us
Let the market pay
U for your time
Harry Schultz
Archives
Posted October 25, 2004
 The
following is an excerpt from Harry Schultz' current GCRU, dated
Oct 20, 2004.
Gold Charts R Us - sent weekly by Email - $US100/mo for
3, 6, 9, or 12-month subscription periods (fax +$120 per 3-months)
- you can subscribe
here.
2-week trial
of GCRU $45 -- yes, sign
me up!
Welcome to GCRU #133 on Oct 20, 2004.
It was a perfect time for a skip-week. Gold used the fortnight
to pop up its usual formula-$5 (420 to 425), then corrected
to 415 closing basis (intraday 410), then, having found its footing,
resumed the uptrend. Gold appears to be "preparing"
for a move to its 435 April high.
Gold shares were marginally stronger than bullion. Last
week's correction was triggered by a 10% fall in copper (&
also by China worriers) which brought uncertainty into the commodity
mkt in general. It was the 33,000th reminder ()
that profits are meant
to be taken on board when available. Some stks had bearish overbought
upwedges (NRD, AAUK, TEK, NG) which needed cooling off. But never
fear, the falling US$ is here. It broke recent lows, to touch
an 8mo low, after conclusively breaking down from the June-Sept
symmetrical triangle. Hard to see how gold shares could suffer
any major shorterm weakness with the US$ in such a persistent
downtrend. The euro is also flirting with high ground. Other
currencies are likewise gradually looking better vs US$. Many
prior high flyer golds are cooling off, a la Glamis, Meridian
& Teck, but their action so far looks like healthy consolidation
rather than approaching weakness. Novagold is still overextended
& subject to pullback action of a sort (click).
Newmont is maintaining a steadfast uptrend with scope for downside
consolidation before nearing its May uptrend. (click).
Good to see blue-chip momentum holding. Ditto Agnico.
Most energy shares have held well, but take profits now&then
& maintain fairly close stops. The energy index chart shows
a healthy rise & is now confronting resistance from the top
boundary of its uptrend channel, so consolidation/pullback is
not unlikely. Repeat this mantra each morning: "I am not
in markets to make profits. (pause) I am in mkts to take
profits." Paper profits are will o' the wisp. Banked profits
are real -- & good for the morale. Tip: watch for 1-day reversals in both stks &
indexes. They are often amazingly helpful for predicting or starting
reversals, usually shorterm but not always. No tool always works
but when a 1-day reversal is backed with another, it's usually
powerful.
GCRU has members in 42
countries. But then, gold is the most international of
investments! I appreciate you spreading the word. Strategy
today: if U are under-invested, place some buy orders
just under the mkt in shares we comment favourably on. And in
some cases at breakout prices. The mkt smells like it's preparing
to move moderately higher, probably in its usual $5 steps, so
position yourself accordingly. And let the mkt pay U for your
time via the profits U grab.
Good luck from your currently
Swiss-visiting alchemist gold guru,
Uncle
Harry
PS: Gold is opening little changed in Asia & Europe
today. Which is good as that means Tuesday's gains are holding.
The yen broke out upside Tues vs US$. Oz$ in minisymmetrical
triangle with target of 74 vs US$.US$ made new low at the Tues
close. NY gold futures have made a mini-symmetrical triangle
over last few days with a happy target of 436-437, the old high,
a great place to take profits as it will be a resistance level.
If oil breaks 52, could dip to 47.50. Main oil trend will be
up for years, but along the way are many big bumps in the road.
Possible H&S top in S&P. Sell at 1129. Gold outlook increasingly
positive. Bye. Uncle
The
following indexes, mkts & gold stocks are reviewed this week
in the full edition of GCRU:
Schultz Gold Index
Schultz Gold Share A/D
US$ Index
NY gold
Agnico Eagle
Anglo American
Arch Coal
Bema
Compania De Minas
Crystallex
Glamis
Golden Star |
Iamgold
Inmet Mining Corp
Massey Energy
Meridian
Newcrest Mining
Newmont
Northgate
Novagold Res
Placer Dome
Silver Standard
Tan Range
Wheaton River |
2-week
trial of GCRU $45 -- yes, sign
me up!
2-week trial
of GCRU $45 -- yes, sign
me up!
###
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 team are Chief Market Analyst, Paul Griffiths, and Research
Editor/geopolitical analyst Gordon Frisch. Loyal HSL and GCRU
subscribers in 90 nations are much more than simply names and
addresses; Harry and his team consider them part of their cherished
global family.
Harry 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: Costa Rica (506) 272-6261
Fax: Switzerland (41) 21 652 0525
Mail: POBox 622, CH-1001-Lausanne, Switzerland
2-week
trial of GCRU $45 -- yes, sign
me up!
321gold Inc
|
