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A Precise Target for August Gold

By: Rick Ackerman, Rick's Picks

 -- Published: Tuesday, 1 July 2014 | Print  | Disqus 

The 1334.90 rally target sent out Sunday night very precisely contained yesterday’s bullish feint, although the pivot worked in way that could be described as ‘theatrical’ (see chart). From a technical standpoint and strictly speaking, we have no way of knowing for certain that the pivot will be brushed aside, or whether instead it will mark the highest high in gold futures for the next ten years. My strong hunch, however, is that the August contract will punch through it shortly, and when it does, the next logical target would be 1364.30 exactly. Traders should plan accordingly. click here for a free trial subscription — no credit card necessary. This will give you access, for two weeks, to all member services, including timely trading touts and a 24/7 chat room that draws experienced traders from around the world.


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 -- Published: Tuesday, 1 July 2014 | E-Mail  | Print  | Source: GoldSeek.com

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