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-- Posted Thursday, 30 April 2009 | Digg This Article | Source: GoldSeek.com
Rick’s Picks Thursday, April 30, 2009 “Phenomenally accurate forecasts” Although it wouldn’t take much to turn June Gold’s daily chart robustly bullish, the futures continue to tease and titillate without delivering the goods. They are obviously marking time, too feisty to be knocked to the ground but not yet ready for the inevitable assault on $1000. We saw some of this wish-washyness yesterday morning during the weekly webinar for graduates of the Hidden Pivot course. The Comex June contract was inching toward a 905.00 rally target, evidently lacking the power to reach a more ambitious target at 914.50 that would have turned the hourly chart unambiguously bullish. Alas, the rally died at 904.00, a dollar beneath our target, sending the futures into a $10 dive that was all too typical of recent price action. 
So what, exactly, would it take to turn June Gold into a screaming buy? Very simply, a rally that traverses the gap between 919.70 to 935.80 without taking a breather lasting more than a day. According to our technical rules, that would create a bullish impulse leg of daily-chart degree, effectively clinching a follow-through to at least 967.30. Moreover, that last number is a “midpoint” Hidden Pivot, and if it were to be breached on a closing basis for two consecutive days, a further surge to at least 1069.60 would become an odds-on bet. This sequence of events is of course speculative at this point, and we needn’t get excited about it until such time as the June contract musters a similar feat on the lesser charts, surpassing the 914.50 benchmark noted above. Meanwhile, and interestingly, May Silver’s daily chart is slightly more bullish than Gold’s. We cannot say whether this means silver is likely to outperform gold during the next bull cycle, but it is reassuring on the question of bullion’s eventual direction. Higher prices seem very likely, but we will probably not see them until the bear rally that has impelled stocks higher since early March flames out. *** Rick's Picks publishes a daily trading newsletter for gold, stock, commodity, and mini-index traders 240 times per year. 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 © 2009, Rick Ackerman. All Rights Reserved. www.rickackerman.com
-- Posted Thursday, 30 April 2009 | Digg This Article | Source: GoldSeek.com
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