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$35 Higher, Gold’s Rally Would Start to Look Serious

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Published : December 27th, 2017
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Category : Technical Analysis

24hGold - $35 Higher, Gold’s R...

February Gold has now climbed nearly $50 since turning on December 12 from within an inch of a 1237.40 correction target I’d flagged well in advance. The futures were trading a few points below 1290 on Tuesday, but they will need to leap past 1321.00 to imply that buyers are serious. That would generate a bullish impulse leg on the DAILY chart. It would also exceed the 1314.00 midpoint resistance of a pattern projecting as high as 1389.60 (click on inset to see this). That target is fanciful at this point, but odds of its being reached would shorten with a decisive penetration of p=1314.00 or a two-day close above it.

 - www.RickAckerman.com


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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.
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