Written by Rick Ackerman, Rick’s Picks
Gold’s tiresome slog over the last month between 1190 and 1220 looks increasingly likely to end with a fall to at least 1165.30, a ‘midpoint Hidden Pivot’ support. See second chart below. If the stock fails to get traction there, look for more slippage to 1109.80. For gold bulls this would not be disastrous, only dispiriting.
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Click on either chart below for large image.
I still doubt that quotes will fall below $1000, not that that’s going to cheer you if you’ve been nurturing a position acquired since 2011, when prices peaked just above $1900. If you’re inclined to look on the bright side:
The chart shows that Comex futures could fall to as low as 1046 without negating a bullish pattern that projects to as high as 2278. We should remain open to the possibility, but if you want to be strictly objective about it, set a screen alert at 1391.40, since that is where the futures would generate a fresh, bullish impulse leg on the continuous monthly chart above. In the near-term the opportunity for gold to move lower appears to be present.
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