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Trading Tout: Gold's Rally Barely Encourages

By: Rick Ackerman, Rick's Picks

 -- Published: Friday, 14 November 2014 | Print  | Disqus 

I’m struggling to give the benefit of the doubt to the bulls, but I can’t ignore the fact that every minor abc rally since last Friday’s explosive one has failed at its midpoint pivot. This is typically a sign that the dominant trend — in this case, the explosive rally — isn’t destined to get very far. A particularly telling aspect of yesterday’s constipated price action is that the second attempted rally failed to get past the very modest peak of the first.  Clearly, there is no real buying interest here, even if the right headline could change that for a while. For now, and still giving bulls the benefit of the doubt, we’ll look for a finishing stroke to the 1179.10 target shown. A quick and easy move past it would of course put the 1194.10 target flagged here earlier in play. 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.


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 -- Published: Friday, 14 November 2014 | E-Mail  | Print  | Source: GoldSeek.com

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