Nice Rally, but Can Gold Sustain It?

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Published : September 26th, 2017
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Category : Technical Analysis

We had a stink bid in at the opening, but gold’s ebullient leap from well above it left us choking on dust as we played spectator for the remainder of the day. The chart shows a subtle but very compelling rally target at 1320.50, and I have little doubt the futures will get there. However, if the rally is going to suck in more bullish buying, it will need to impale D=1320.50, the more brutally the better.  Today we’ll just watch, learn and plan. If you don’t subscribe, click here for a free two-week trial that will allow you to enter the Rick’s Picks chat room, where great traders from around the world swap ideas 24/7.


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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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Gold can sustain higher values if the fears are maintained. As long as fear of war, economic problems, or political upheavals are present, gold prices will rise. When the public becomes complacent or speculative, the price of gold falls. However, the short-term pops and drops of precious metals is but a side-show to the big top event, when the USD inflates to the point of total collapse. The QEs began it and look to the East for when the collapse might happen.

"Central bankers always try to avoid their last big mistake. So every time there's the threat of a contraction in the economy, they'll over stimulate the economy, by printing too much money. The result will be a rising roller coaster of inflation, with each high and low being higher than the preceding one."
—Milton Friedman
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Gold can sustain higher values if the fears are maintained. As long as fear of war, economic problems, or political upheavals are present, gold prices will rise. When the public becomes complacent or speculative, the price of gold falls. However, the sho  Read more
The Recusant - 9/26/2017 at 3:10 PM GMT
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