Gold On Its Way To $2347 Or $810?

Two months ago, we explained to our readers that it was “make or break time” for gold. Based on the Hidden Pivot Analysis methodology from Rick Ackerman (more about his methodology at the bottom of this article), it would appear that gold should go either to $2347 or $810. Gold should explode to $2347 on the condition that the recent lows will not be breached; on the other hand, if gold breaks decisively below the recent lows, then the price of the yellow metal is heading to $810.

Let’s see where gold stands actually. The ongoing price development favors the bullish scenario, but the jury is still out. As long as the November lows will hold, the bulls have the benefit of the doubt.

This is the actual monthly chart for gold in the bullish scenario, with the unfolding A / B / C pattern, as well as the target price D. The point at $1436 is critical, as suggested by Rick Ackerman. As soon as the price rises through that point, there is a very high probability of the bullish scenario at play.


The bearish scenario is still potentially at play. Mind how the November lows came in at EXACTLY the midpoint pivot. As soon as gold goes through $1432, there is a very hig probability that the bearish scenario is not valid. Mind how that price level coincides with the confirmation for the bullish scenario.



Mind that this analysis provides the very long term picture in gold and silver, because the timeframe that we are using is the monthly chart. It does not tell anything about the short term price action, for which a daily chart should be used (or lower degree).


Rick Ackerman is the editor of Rick’s Picks and a partner in Blue Fin Financial LLC, a commodity trading adviser. Click here for a two-week trial subscription that includes all features and services of Rick’s Picks, including impromptu technical analysis/trading sessions conducted on ‘live’ charts during market hours.


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