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Leverage Your Exposure to Gold

by Sam Collins 09/02/09

ProShares Ultra Gold (UGL) -- This 2x leveraged ETF seeks to replicate, net of expenses, twice the performance of gold bullion as measured by the U.S. dollar p.m. fixing price for delivery in London.

UGL is at the apex of a very long right triangle.

The heavier volume on the buy side, as well as a Moving Average Convergence/Divergence (MACD) indicator that is very close to a buy signal, leads me to conclude that UGL will break through the top with a trading objective of $40.

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