Close X Cookies are necessary for the proper functioning of By continuing your navigation on our website, you are accepting the use of cookies.
To learn more about cookies ...
Gold & Silver Prices in

$1803 Is Where Gold Would Come Alive

IMG Auteur
Published : November 14th, 2012
357 words - Reading time : 0 - 1 minutes
( 9 votes, 1.4/5 )
Print article
  Article Comments Comment this article Rating All Articles  
Our Newsletter...
FOLLOW : Comex Gold





For gold investors, first the bad news – and let us be clear up front: it’s not really that bad. Notice in the Comex chart below that the price of gold has been meandering within a pennant formation for more than a year. You don’t have to be a technician to see that this could comfortably continue for some time – well into 2014, perhapsbefore the converging lines of the pennant will narrow sufficiently to force gold to “escape” either up or down. You can relax about which direction is the more likely, since the pattern so far looks like a classic consolidation, tipping the odds toward a breakout rather than a breakdown.

However, our own proprietary tools (a.k.a. Hidden Pivot Analysis) suggest that it could be a while before the excitement begins. This is implied by December Gold’s failure in October to surpass an important peak at $1802 recorded seven months earlier, in March of 2012. Had the recent rally exceeded that peak, it would have created a bullish “impulse leg” of weekly-chart degree, clearing a path to at least $1976. Alas, the rally chickened out just five points shy of impulsiveness, casting gold into corrective purgatory for an indefinite spell.

A Rare Opportunity

So what would it take to hasten bullion’s northbound exit from the pennant? Here the news is good, for it would require nothing more than a measly $5 thrust that is uncorrected between 1798 and 1803. Moreover, according to our technical runes, the thrust would not have to exceed the third peak at $1823 to signal a breakout with sufficient power to reach $1976 over the near term. In fact, those familiar with our “camouflage” trading technique could conceivably be handed a rare opportunity to board with risk very tightly controlled if a shallow pullback occurs from somewhere between 1803 and 1823. This is shown in the chart with dotted price bars, and the opportunity would be about as good as it gets for bulls looking to initiate positions or add to existing ones. If you’d like to learn more about “camouflage” trading and the Hidden Pivot Method, click here.



<< Previous article
Rate : Average note :1.4 (9 votes)
>> Next article
Rick Ackerman is the editor of Rick’s Picks, a daily trading newsletter and intraday advisory packed with detailed strategies, fresh ideas and plain old horse sense.
Comments closed
Latest comment posted for this article
Be the first to comment
Add your comment
Top articles
Latest Comments
Trump’s Best Debate Performance ...
16:34The Recusant
Yes, this WAS his best debate performance! But for all the reasons you mentioned, he failed to deliver. And that's why he will be defeated next mon...
Trump VS. Clinton-Who’s “Better”...
Uh...I'm not sure I understand the conclusion here.
Trump’s Best Debate Performance ...
20 OctS W.1
I have only watched the 3rd debate. I am not American. Clinton is a far more polished debater and was far better prepared than Trump. I agr...
Fifteen Years Into the Afghan Wa...
19 Octsam_site
Follow the money folks. Heroin production jumped 13X when the CIA globalists took over Afghan production. You'll never get the sheeple to see the...
My Most Passionate Warning Yet
17 Octstackerguy551
Thank you Mr. Hoffman. I am concerned by the tone of your article, it is pretty scary to say WWIII is probable, and, so it may be, considering some...
Fifteen Years Into the Afghan Wa...
17 OctRichard B.1
Mykey99, the heroin was the main reason we " liberated" Afganastan. The Taliban were burning down the poppy fields and denying our criminal governm...
When All Else Fails, They Take Y...
14 Octkevthorne
A very perceptive and prescient article, Mr. Hoffman - let's hope things turn out for the best - God help us all.
Do We Really Want A War With Rus...
10 OctRosscoe
Very good article Chris, Unfortunately I too believe we are headed for a major escalation, weak president, confused foreign policy and bur...
Most commented articlesFavoritesMore...
World PM Newsflow