Advertise | Bookmark | Contact Us | E-Mail List |  | Update Page | 

Commentary : Gold Review : Markets : News Wire : Quotes : Silver : Stocks - Main Page >> News >> Story  Disclaimer 
Latest Headlines

GoldSeek Radio: Bill Murphy and Rob Kirby, and Chris Waltzek

SWOT Analysis: M and A in the Goldfields
By: Frank Holmes

The Primacy Of Income
By: Adam Taggart

The cost of government debt is immediate
By: Steven Saville

Volcker's updated autobiography urges gold price suppression
By: Chris Powell

Seventh-Inning Debt Stretch
By: John Mauldin

Will We See A 30% Correction Due To A Trump Impeachment?
By: Avi Gilburt

Brexit’s Safe Haven Is a Dangerous Place
By: GoldCore

Asian Metals Market Update: Nov 19 2018
By: Chintan Karnani, Insignia Consultants

Gold Seeker Weekly Wrap-Up: Gold and Silver Gain Nearly 1% and 2% on the Week
By: Chris Mullen, Gold Seeker Report


GoldSeek Web

Why Wednesday's $1137 Low in Gold MUST Hold

By: Rick Ackerman, Rick's Picks

 -- Published: Thursday, 6 November 2014 | Print  | Disqus 

Gold fell yesterday to a bear-market target at 1937.50 that has been 15 months in coming. Clearly, this is an important number, and one needn’t be a chartist to appreciate the sinuous beauty of the downtrending ABC pattern that produced it (see above). However, its usefulness lies not in any ability to predict the future, since we never pretend to have a crystal ball. Rather, it can serve as a reliable benchmark for determining whether the bear market is spent. According to our proprietary method of technical analysis, a decisive breach of the support would be akin to the groundhog seeing his shadow: six more weeks of winter. Whether or not the bear market would persist for a mere six weeks is an open question, but the implication would remain nonetheless that still more pain awaits gold bulls.

What would constitute a decisive breach of the support?  Given the beautifully etched perfection of the pattern, a print perhaps 4-6 points below the target would suffice — either that, or a two-day close beneath it. Alternatively, if bulls are about to take charge, ending a bear market that recently entered its fourth year, we should expect to see abcd rally patterns in all time frames start to exceed their ‘d’ targets regularly. It is for that reasons that bulls should take encouragement from Wednesday’s initial rally off the long-term Hidden Pivot target. The rally need only have achieved 1,150.10, but it actually topped 2.40 points above it, at 1152.50. This is a good start. However, the futures had given up nearly all of the day’s gains by Wednesday evening and were threatening to take out the intraday low at 1137.10. If so important and compelling a target were to provide support for only a day or two, that would be quite bearish.

The most bullish thing that could happen over the near term would be for the futures to leap above 1176.30 over the next day or two. That would surpass several prior peaks on the hourly chart, effectively getting gold off the launching pad. Until such time as this happens, however, the jury will be out. Take a free trial subscription that will allow you to access not only the touts, bulletins, updates and impromptu trading webinars during market hours, but a 24/7 chat room that draws veteran traders from around the world.

| Digg This Article
 -- Published: Thursday, 6 November 2014 | E-Mail  | Print  | Source:

comments powered by Disqus


Increase Text SizeDecrease Text SizeE-mail Link of Current PagePrinter Friendly PageReturn to >> Story

E-mail Page  | Print  | Disclaimer 

© 1995 - 2018 Supports

©, Gold Seek LLC

The content on this site is protected by U.S. and international copyright laws and is the property of and/or the providers of the content under license. By "content" we mean any information, mode of expression, or other materials and services found on This includes editorials, news, our writings, graphics, and any and all other features found on the site. Please contact us for any further information.

Live GoldSeek Visitor Map | Disclaimer

The views contained here may not represent the views of, its affiliates or advertisers. makes no representation, warranty or guarantee as to the accuracy or completeness of the information (including news, editorials, prices, statistics, analyses and the like) provided through its service. Any copying, reproduction and/or redistribution of any of the documents, data, content or materials contained on or within this website, without the express written consent of, is strictly prohibited. In no event shall or its affiliates be liable to any person for any decision made or action taken in reliance upon the information provided herein.