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Recommendations: 1. Cancel and replace your protective sell stop in ProShares Ultra Gold, symbol UGL, at $49.89 and raise to $52.90, STOP. This order is good-till-cancelled. 2. Cancel and replace your protective sell stop in Market Vectors Junior Gold Miners ETF, symbol GDXJ, at $44.71 and raise to $47.41, STOP. This order is good-till-cancelled. |
Issue #27
Dear Member,
Gold rallied sharply in yesterday’s afternoon session and is now firmly above the $1,343.00 level, currently trading at $1,362.80 (3:49 AM ET).
As long as gold holds $1,343.00 going into the close today, we should see one more stab higher next week, possibly as high as $1,400.00. Then the intermediate-term cycles should kick in, sending gold and silver back to the downside.
Per the above recommendations, tighten up your stops again for the long positions in ProShares Ultra Gold (UGL) and Market Vectors Junior Gold Miners ETF (GDXJ).
Best wishes,
Larry
