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Gold, strictly by-the-numbers

By: Rick Ackerman, Rick's Picks

 -- Published: Monday, 14 December 2015 | Print  | Disqus 

http://www.rickackerman.com/wp-content/uploads/2015/12/Mechanical-buy-in-gold-may-be-possible.jpg

Buying enthusiasm was in conspicuously short supply last week. The futures managed to hold slightly above the 1059.20 low whence the last decent rally commenced on December 4 (a Friday), but that’s surely nothing for bulls to crow about. With a new week about to begin, we’ll shun hope and guesswork and play it strictly by-the-numbers. That means the March contract will have to start demolishing Hidden Pivot resistances with the ease of a battering ram taking out some screen doors before we admit to having bullish ‘feelings’ about gold.  Friday’s rally did not decisively exceed the midpoint resistance shown (p=1077.25), but if and when that happens, you could buy there ‘mechanically’ on a pullback, stop 10771.0, using D=1092.80 as a price objective.


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 -- Published: Monday, 14 December 2015 | E-Mail  | Print  | Source: GoldSeek.com

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