Gold Pulls a Pearl Harbor on Bears

IMG Auteur
 
 
Published : July 03rd, 2019
137 words - Reading time : less than a minute
( 0 vote, 0/5 )
Print article
  Article Comments Comment this article Rating All Articles  
0
Send
0
comment
Our Newsletter...
Category : Technical Analysis

August Gold pulled a Pearl Harbor on bears and skeptics Tuesday, reversing early morning weakness with a surprisingly sharp rally. I’d expected another two weeks of corrective action myself after bullion’s impressive run-up in June. However, the chart shows the futures to be bound most immediately for at least1446.90. If so, that would be a new recovery high and an encouraging sign that even bigger things lie ahead. Specifically, a1504.00target would be in play if the August contract closes for two consecutive days above 1444.40 or trades more than $12 above that price intraday. Please note as well that a $150 plunge from around 1460 would not be the disaster it might seem at the time; rather, it would set up a textbook buying opportunity according to the proprietary rulesRick’s Picks subscribers follow for ‘mechanical’ trades.


|
<< Previous article
Rate : Average note :0 (0 vote)
>> 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
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS