Gold Surges. Here's What to Expect Next...

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Published : January 28th, 2019
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Category : Technical Analysis

Gold took wing Friday, energized by weakness in the dollar. The $23 upthrust stalled almost exactly at the 1302.90 Hidden Pivot midpoint resistance shown, validating both the bullish pattern and a 1330.40 target we’ve been using for the last week or so. (Note: These numbers differ slightly from the ones given here earlier because the pattern’s point ‘C’ low changed.) 

24hGold - Gold Surges. Here's ...

The 1330.40 ‘D’ pivot will become our minimum upside objective if the futures can close for two consecutive days above p or trade more than $3 above it intraday. Traders please note that a pullback to the green line at 1289.10 from around 1310.00 would trip a ‘mechanical’ buy signal, stop 1275.20. Stay tuned to that chat room for further guidance on this in real time. 

If you want a closer look at Rick’s Picksclick here to sign up at the top of the home page for a free two-week trial subscription -- no credit card needed. Drop by the 24/7 chat room first — and be sure to say hello when you arrive!


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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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