-- Posted Wednesday, 24 January 2007 | Digg This Article
| Source: GoldSeek.com
Rick’s Picks
Wednesday, January 24, 2007
“Phenomenally accurate forecasts”
Gold’s rally since the beginning of 2007 is most encouraging, but how can bulls be sure they won’t get sucker-punched yet again if they climb aboard at current levels? Using judicious trailing stops and nailing down partial profits is an obvious answer. But another is to pay close attention to each rally leg, noting in particular how many prior peaks it has surpassed on the daily chart. Below, I have reproduced a daily-bar graph of Comex April Gold that shows five such peaks that will dictate our analysis in the weeks and months ahead.
Note that, with yesterday’s strong surge, the futures exceeded peak #1, as well as a very minor peak labeled ‘X’. This modest feat has created a bullish impulse leg of daily-chart degree, but it is only a weak impulse so far. To tell us there is real power behind the rally – enough, perhaps, to drive bullion quotes to new all-time highs -- we should stipulate that the current thrust continue, without a pullback lasting more than a single day, to exceed at least two more peaks (#2 and #3). That would leave little doubt that the correction begun in May had ended, although it would take a push above peak #5 (a mere dot on this chart, albeit a significant one from a Hidden Pivot perspective) to definitively end Gold’s long wallow.
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London Seminar
A Hidden Pivot seminar in London appears likely, judging from the strong initial response. If you’re interested in attending a two-day class there, probably sometime in the spring of 2007, please let me know via e-mail, including your contact information. The cost would be $1,500 USD.
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Information and commentary contained herein comes from sources believed to be reliable, but this cannot be guaranteed. Past performance should not be construed as an indicator of future results, so let the buyer beware. Rick's Picks does not provide investment advice to individuals, nor act as an investment advisor, nor individually advocate the purchase or sale of any security or investment. From time to time, its editor may hold positions in issues referred to in this service, and he may alter or augment them at any time. Investments recommended herein should be made only after consulting with your investment advisor, and only after reviewing the prospectus or financial statements of the company. Rick's Picks reserves the right to use e-mail endorsements and/or profit claims from its subscribers for marketing purposes. All names will be kept anonymous and only subscribers’ initials will be used unless express written permission has been granted to the contrary. All Contents © 2006, Rick Ackerman. All Rights Reserved. www.rickackerman.com
-- Posted Wednesday, 24 January 2007 | Digg This Article | Source: GoldSeek.com
