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GoldSeek Web

April Gold Closing on a Key Benchmark

By: Rick Ackerman, Rick's Picks

 -- Published: Friday, 12 February 2016 | Print  | Disqus

Thursday’s explosive rally brought the April contract within summiting distance of a 1308.00 peak from a year ago that I’d labeled ‘the Matterhorn’ in an earlier analysis.  From a Hidden Pivot perspective, this number is a very important benchmark, since, if the rally exceeds it without pausing for breath, it would greatly shorten the odds that the bear market begun in September of 2011 is over. To be sure, the 1814 target I’ve been using as a bear-market projection will remain in play until such time as 1432.90 is exceeded to the upside. As a practical matter, however, the bear would be gravely wounded if this rally can hit 1308.10 without an intervening correction of more than $89. It will take at least another 2-3 days of strong buying to accomplish this, so sit back and relax for now. If you would like to learn more about the Hidden Pivot Trading Method, click here.  Many who frequent the Rick’s Picks chat room have mastered it.  Meet and converse with them by taking a free trial subscription here.

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 -- Published: Friday, 12 February 2016 | E-Mail  | Print  | Source:

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