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Key Numbers For Gold BugsRick Ackerman
Gold peaked early in yesterday's session, but not before making a 17-year high that will have very bullish implications going forward. The actual top occurred at 472.40, less than a dollar from the hidden-pivot resistance at 473.20 that I'd identified a while back as a minimum rally target. The pivot could still show a little stopping power later this week, but judging from the way the futures bulldozed a lesser hidden-pivot target during Monday's rampage, it isn't likely to put up much resistance. Meanwhile, for your further guidance here's a sequence of three hidden pivots you can use to gauge trend strength as the futures move still higher over the coming days and weeks. They are all from the long-term charts, so any one of the three could conceivably produce a top of at least intermediate-term importance. Here are the numbers: 476.50, 495.50, and 505.00. The first number is my minimum upside expectation, basis the December Comex contract, but if it's surpassed by more than 0.50, the next will become an odds-on bet to be reached; and if 495.50 should in turn be exceeded by more than 0.50, we can be fairly confident that a move to at least 505.00 is under way. Just one caveat: gold futures are extremely overbought at these levels and could correct quite sharply at any time. The three pivots listed above should therefore be viewed as potential rally stoppers, give or take a few ticks. Regardless, they can provide those of you who hold positions on your own initiative with logical benchmarks for disciplined profit taking on the way up. *** Taming the Mini-Futures Trading the S&P futures with a stop-loss of one point or less? Come visit our archives to see how it's done. You can get a free one-day pass to visit the site, or a two-week trial subscription with no risk, by clicking here. Rick Ackerman 321gold Inc |
