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Some Key Prices for a Resurgent Gold

By: Rick Ackerman, Rick's Picks

 -- Published: Tuesday, 12 April 2016 | Print  | Disqus 

$GCM16 – June Gold (Last:1260.40)

http://www.rickackerman.com/wp-content/uploads/2016/04/If-minor-gold-resistance-gives-way.jpg

June Gold has pushed above a minor target at 1258.80, implying the futures are being driven by an ABC rally pattern of larger degree. If so, there are two immediate possibilities: 1) a little more upside to the 1265.70 target shown; or if it is easily brushed aside, 2) a run-up to the 1292.50 target of the bull cycle begun on February 22 from 1203.00.  We’ll look for precise p and p2 confirmations of the larger pattern as the move progresses, but first let’s see how bulls fare in their initial tussle with the Hidden Pivot resistance at 1265.70, which looks like a shoe-in to be reached.

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 -- Published: Tuesday, 12 April 2016 | E-Mail  | Print  | Source: GoldSeek.com

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