Gold Skids After Bulls Come Up Short

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Published : May 24th, 2017
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Category : Technical Analysis

24hGold - Gold Skids After Bul...

Buyers were repelled today by the 1263.80 ‘secondary’ pivot shown, failing badly in their attempt to achieve the 1269.80 rally target that had  looked so promising at Monday’s close. The chart will likely have something to say about ‘Matt’s rule,’ whereby a stall exactly at the secondary pivot usually proves fatal to the minor trend. In this case, according to Matt, a regular in the Rick’s Picks chat room who trades mostly Silver, it would imply more slippage to beneath the 1245.70 point ‘C’ low. That wouldn’t kill the larger uptrend that has been in progress since May 9, but it would certainly dampen bullish spirits for the time being. For now, we’ll move to the sidelines, since the only opportunity that seems imminent would be a scalp-short overnight. If you don’t subscribe but would like to join great traders from around the world in the chat room, click here for a free two-week trial subscription. You’ll also receive actionable trading ‘touts’ and invitations to frequent ‘impromptu’ sessions where Rick ‘takes requests'


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Gold and Silver Prices for these countries : Georgia | All
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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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