-- Posted Friday, 23 March 2007 | Digg This Article
| Source: GoldSeek.com
Rick’s Picks
Friday, March 23, 2007
“Phenomenally accurate forecasts”
Comex Gold has been a real tease whenever it has gotten near our Hidden Pivots in recent weeks. In late February, for instance, it flounced around for a few days within a dime of an important rally target at 690.60. We figured that once it got past that Hidden Pivot it would blast off to Mars. Well, the futures did poke above 690.60 for one or two bars on the hourly chart, recording a high of 692.50 -- a nearly $2 overshoot that seemed as good as a mile in our book. Up we go? That’s not the way you’ll remember it if you bought the breakout – a risky move that in any event we did not advise. What actually happened was that the Gold price subsequently took one of the nastiest headers we’ve seen in quite a while, diving to 634.50 in the space of a few days.
We recall this treacherous head-fake because April Gold’s come-hither dither yesterday near the apex of a $10 thrust similarly vexed, bedeviled and teased a Hidden Pivot target we’d proffered as important to the near-term picture. The target lay at 667.10, but the powerful rally that had begun the previous day and continued into the night session seemed unable to penetrate it. The hours wore on, inspiring us to post the following in the chat room Thursday morning: “Having missed a rally target by a fraction of a point this morning, April Gold has not spent the last five hours consolidating just to eke out that fractional difference in a final head-fake. My guess is that, either [that the rally] fails here or it pushes significantly higher.”
Gem-Turned-Zircon
No sooner had we hit the “send” button on this gem-of-an-observation than the futures popped to 667.60, a missile just off the launching pad. Alas, the projectile that was to have become our ride into the upper atmosphere veered 180 degrees and dove $4 even more violently than it had impaled our rally target.
Was this perhaps the beginning of another week of misery for gold bugs, you ask? We don’t think so, and here is why. If you look closely at the chart above, you will see that the seemingly gratuitous spike to 667.60 slightly exceeded an obscure and presumably forgotten peak well to the left of it on the chart. In our experience, rallies that can achieve this little feat before they sputter out and die are destined for bigger and better things. According to the “look-to-the-left” rule that we teach Hidden Pivot students, this rally is still feisty as hell – and proving it with each little conniption it throws on the hourly chart.
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Free Pivot Class & Calculator
If you’re seriously interested in attending the online seminar on March 31-April 1, I’ll be offering a free mini-lesson on Hidden Pivots this Sunday evening, March 25, from 5:00-5:30 p.m. Pacific time. Seats are limited for this event, but all who register will receive a free Hidden Pivot calculator that can be downloaded at the sign-up. To reserve a space, simply click here, then click “Introduction to Hidden Pivots” under the “Upcoming” tab.
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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 Friday, 23 March 2007 | Digg This Article | Source: GoldSeek.com
