Yesterday’s rally was the most promising we’ve seen on the hourly chart in weeks. It surpassed no fewer than four prior peaks without taking a breather; moreover, the pullback has been shallow so far. We’ve been short this vehicle with an 1176 basis, but the current stop-loss at 1093.70 should be closely minded, since even moderate strength on Friday could trigger it. If so, it would give us a theoretical gain of $9300 on the position upon exit.  If the rally is for real, bulls should be able to move the futures easily past 1086.50 Thursday night. That’s the midpoint Hidden Pivot resistance of a small abc pattern on the hourly chart that projects to 1095.50. (A=1068.30 at 9:00 a.m. ET on 11/19). Click here for a free trial subscription that will give you access to all of the features and services at Rick's Picks, including actionable trading ideas in real time and a 24/7 chat room that draws veteran traders from around the world.

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 -- Published: Friday, 20 November 2015 | E-Mail  | Print  | Source: GoldSeek.com

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