Short-Term Outlook For Gold Still Glum

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Published : August 07th, 2018
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Category : Technical Analysis

24hGold - Short-Term Outlook F...

Shifting to the October contract yields a compelling downside target at 1197.70 that can replace a projected range of 1192.70-1201.10 given here earlier for the August futures. As always, I’ll recommend bottom-fishing this Hidden Pivot support aggressively only to subscribers who have made money being short on the way down. A rebound in the meantime to p=1235.00 would set up an enticing if belated ‘mechanical’ short, but we’d want to execute it via a ‘camouflage’ set-up to significantly reduce the initial, theoretical risk of nearly $1200 per contract. 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, ‘jackpot’ bets using super-leveraged options and impromptu ‘requests’ sessions online.


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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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