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Bullion Kisses Pivot and Soars

By: Rick Ackerman, Rick's Picks


-- Posted Wednesday, 21 November 2007 | Digg This ArticleDigg It! | Source: GoldSeek.com

Rick’s Picks

Wednesday, November 21, 2007

“Phenomenally accurate forecasts” 

December Gold turned sharply higher yesterday, trampolining $25 from an overnight low that lay within just four ticks of our downside target, a Hidden Pivot.  Subscribers will recall that we were expecting the correction to go a bit further last week when the futures were hovering around $793, down $55 from a high of $848. Here is the advisory exactly as it went out intraday via the Bulletin Launcher and the chat room: “It's now possible (and logical) to project downside to at least 772.90 for this correction. If there is going to be a struggle between bulls and bears over the next 2-3 days, though, it will be near the CD midpoint, 796.10.

The struggle we alluded to did occur, but only for a relative moment last Friday, when the December contract was briefly quoted as high as 798.40.  But it was downhill thereafter -- until yesterday’s dramatic turn -- and although the actual low at 773.40 was a few ticks above our target, it was close enough that several subscribers evidently caught the bottom for a lovely ride. “I entered one contract at 773.60 last night, a dime above the low,” wrote one longtime Rick’s Picks subscriber, Phil D. “Nice work, but I'm still not sure I expect much from gold at this point so keep us posted on all pivots for both entry and exit.”

And so we did. With the futures trading yesterday near 795, we put out a bulletin suggesting that profits be taken on half of any long positions at that time. We also recommended a trailing stop above 798.40 and furnished a minimum rally target at 802.80.  That last number, a Hidden Pivot resistance, was slightly exceeded in the final minutes of the regular session when the futures pushed to an intraday high at 805.00. We noted as well that Gold is not quite out of the woods yet, and that we would need to see a print at a very specific number (see Wednesday’s Touts) before inferring that Gold’s rally to a longstanding target above $900 was under way.

***

1973’s Santa Surprise

Like most permabears, we get a little nervous at this time of year, ever fearful of getting steamrollered by yet another Santa rally. However, old-timers may recall that the Bear Market of 1973-74 was particularly unkind to Santa. Look at the chart below and you’ll see that, in fact, Mr. Market kicked the living daylights out of Ol’ Santa during the 1973 holiday season. Might this year produce another unpleasant Santa Surprise?  The way stocks have been acting lately, we wouldn’t discount the possibility.

*** 

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 © 2007, Rick Ackerman. All Rights Reserved. www.rickackerman.com 


-- Posted Wednesday, 21 November 2007 | Digg This Article | Source: GoldSeek.com




 



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