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Harmony Gold Mining Company Limited Message Board

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  • ChiTrader ChiTrader Jun 6, 2003 10:50 AM Flag

    Jobbie

    "NEWS FLASH!! Gold will be trading in a RANGE for the next 6 months at least as the right shoulder is built in the INV H&S. "
    -------------------------------------------------
    Jobbie,

    Could you please describe the parameters of the inverse H&S that you believe is being formed? I don't see one that obviously jumps out at me. Perhaps we are each looking at different time frames. Thanks.

    ChiTrader

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    • <<Jobbie,

      Could you please describe the parameters of the inverse H&S that you believe is being formed? I don't see one that obviously jumps out at me. Perhaps we are each looking at different time frames. Thanks.

      ChiTrader>>

      Would be glad to. Pull up a chart of the XAU WEEKLY and go back to start of '98. Left shoulder built '98 thru '99, head down built 00 thru '01, and right shoulder being built built '02 thru '03 (still have 7 months left in this year).

      Hope that helps you se the large inverse head and shoulder pattern in golds. When it breaks up and out of this pattern, it will be EXPLOSIVE. Should see trading range for a while as the remainder of r shoulder is built Plenty of time to establish gold position, imo. If it break up thru neckline prior to that, ya gotta bite :)

      Good luck

      • 1 Reply to onthejobsf
      • Thanks, Jobbie,

        I did see that possibilty but discounted it since the strong and steady uptrend since the late 2000 lows seemed to override the H&S formation. Also, to me it appeared that the right shoulder was formed fairly abruptly last year with the June highs and the July lows and since then we have just been preparing for the breakout above the neckline. But that's what makes the markets- differences of opinion, albeit very slight in some cases. I think we both agree that gold is in a bull market and will be for at least several years to come.

        I've been building my gold position for about a year now and am fortunate to have HMY- stock plus some calls I bought at the April lows- as well as CEF, GFI calls I also was very fortunate to buy in April, WHT, and BGO. It's been an up and down ride with most of those, but I think most of the down side is over. And I'm looking to add more positions on any weakness.

        Good luck traders,
        ChiTrader

 
HMY
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