Why This Gold Rally Feels Different

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Published : July 20th, 2019
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Category : Technical Analysis
For years, gold’s corrections have been brutal, and that is why many erstwhile bulls have not rushed to buy this rally. They have instead been waiting for a nasty pullback in order to load up at bargain prices. But Mr. Market has not obliged. Instead, retracements have been shallow and rallies steep. The latter have often occurred after-hours, but in one recent instance via a trampoline bottom that came early in the day.

By playing hard-to-get, gold is displaying the most encouraging signs we have seen in a long, long while. This evening the August Comex futures have uncorked a 25-pointer, impaling a midpoint Hidden Pivot resistance at 1444.40 that is tied to a1504.00target first broached here weeks ago.  That is my minimum upside objective at the moment and it should be yours as well if you trade this vehicle. If you want to see how some pros are boldly trading the move so far using GDX call options, stop by theRick’s PicksTrading Room. You can access it by taking a free two-week trial subscription. Simply provide your name and email address at thetop of the home pageand you will have instant access to the entire site. No credit card is necessary.

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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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