Gold Saying Lower Still

By Rick Ackerman:

It’s not a happy sign that Friday’s selloff crushed several Hidden Pivot supports I’d noted, including a worst-case number at 1167.10. The overshoot was $4.20, sufficient to imply that any rally be regarded as a short-sale opportunity. As of around 4:25 a.m., the futures were butting up against the1173.10 correction target shown. It’s worth a three-tick stop-loss, but this vehicle would become a short-term buy on any pullback from above either of the two labeled ‘external’ peaks.



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