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.

gold_price_9_March_2015

 

Take a free trial subscription that will allow you to access not only the touts, bulletins, updates and impromptu trading webinars during market hours, but a 24/7 chat room that draws veteran traders from around the world.

Receive these articles per e-mail

Subscribe for the free weekly newsletter and receive 3 papers about physical precious metals investing