Good, Bad and the Not-So-Ugly in Gold

Gold’s tiresome slog over the last month between 1190 and 1220 looks increasingly likely to end with a fall to at least 1165.30, a ‘midpoint Hidden Pivot’ support. If the stock fails to get traction there, look for more slippage to 1109.80. For gold bulls this would not be disastrous, only dispiriting. I still doubt that quotes will fall below $1000, not that that’s going to cheer you if you’ve been nurturing a position acquired since 2011, when prices peaked just above $1900. If you’re inclined to look on the bright side, click here. The chart shows that Comex futures could fall to as low as 1046 without negating a bullish pattern that projects to as high as 2278. We should remain open to the possibility, but if you want to be strictly objective about it, set a screen alert at 1391.40, since that is where the futures would generate a fresh, bullish impulse leg on the continuous monthly chart shown. If you don't subscribe to Rick's Picks, just click here for a free two-week trial. It will give you instant access not only to the chat room, but to actionable 'touts', intraday alerts and impromptu ‘requests’ sessions online.