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Some Precise Technical Hurdles for Gold

IMG Auteur
 
 
Published : April 17th, 2017
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Category : Technical Analysis

24hGold - Some Precise Technic...

June Gold ended the week consolidating for a likely push to a minor rally target at 1303.00. An equally compelling pattern of somewhat larger degree targets 1305.70, so you should be prepared for stall at one number or the other. As always, if a Hidden Pivot as clear as either of these two gives way easily, that would imply there’s unspent buying power to reach still higher levels. Keep in mind as well that the 1464.90 target of a far larger pattern dating back to November 2015 will continue to color our trading bias a bullish shade of green.  It is tied to a 1297.50 major midpoint resistance that could also be an obstacle to any rally in the week ahead. Once the futures have pushed decisively above this number, however, it will eventually become useful for purposes of setting up a bullish, long-term ‘mechanical’ trade with entry risk very tightly controlled. 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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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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