Close X Cookies are necessary for the proper functioning of 24hGold.com. By continuing your navigation on our website, you are accepting the use of cookies.
To learn more about cookies ...
EnglishFrench
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  
0
Send
0
comment
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
America Too Broke to Fix Crumbling Infrastructure? “Bridges, Roads,...
20 Febmanfredhumphries2
If you stopped spending so much money on the deep state, military and wars that protect you from nothing and make the world hate America, and stopp...
Alan Greenspan renews gold advocacy, Part 2
20 Febdennyc
Believe it - Greenspan is as dumb as he looks. I'm slightly puzzled as to why the author would use Greenspan as a source for anything. Even a curso...
“That War You Ordered….”
20 FebRosscoe2
Nice comments James If Trump is as mad as everyone says he is , then anything is possible,but I doubt he is and being a tough hombre, he h...
“That War You Ordered….”
19 Febscipionasica3
How splendid to read a clear and lucid article. I am a British citizen living in France and I confirm to you that the illogical nonsense fed to yo...
Alan Greenspan renews gold advocacy, Part 1
18 Febstinger
STFU Greenspan, shut your lie-hole already. When you had a chance to make a difference you sold us out. Nobody gives a chit about...
“That War You Ordered….”
18 Febcomptel
Very good article, except for the unneeded bad language!
Trump Fan John Paulson Cuts GLD Gold Investment as Inflation Hits 5...
15 FebChrisR13
Paulson still owns 4.3 million shares but don't forget GLD allows its biggest holders to redeem for the underlying physical gold but everyone else ...
Yet Another Wall Street 'Witch's Brew'
15 FebDRGEORGE0
I'm not an American but if I had a vote I probably would have voted for DT as the alternative was much worse. My biggest concern about DTs policies...
Most commented articlesFavoritesMore...
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS