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Two-Step Rally Coming in Gold: First $1382, then $1418

By: Rick Ackerman, Rick's Picks

 -- Published: Friday, 8 July 2016 | Print  | Disqus 

http://www.rickackerman.com/wp-content/uploads/2016/07/Golds-next-big-thrust.jpg

Gold has held up pretty well since spiking two weeks ago on Brexit news. The moderate upward drift since then promises to deliver not only the 1382.80 target we’ve been using in recent days, but the 1418.00 target shown. Mechanical entries from p or p2 look enticing, and that’s what I would suggest, provided you are familiar with the simple rules governing this type of trade. If the futures were to pull back to the green line, that could set up a ‘mechanical’ opportunity for an aggressive buy, albeit one using a ‘camouflage’ entry in order to greatly reduce the initial theoretical risk of about $2700 per contract.

For what it’s worth, the futures have been moving very predictably lately — which is to say, very tradably. If you want to see just how predictably, check out this pattern on the 15-minute chart:  a=1368.00 (8:15 a.m. EDT); b= 1355.00 (9:45 a.m.); c=1358.40. I posted it in the chat room shortly before the 1351.90 midpoint pivot caught the intraday low within a single tick. I have not established a tracking position, however, because I did not explicitly advise bottom-fishing there. Nevertheless, two subscribers evidently used the pattern aggressively and reported getting long very near the intraday low. A larger version of the pattern could set up a similar entry opportunity tonight at p=1356.70 if this midpoint Hidden Pivot support is hit in the wee hours. To find the pattern on the 15-minute chart, use these coordinates: a=1368.00 (8:15 a.m. EDT); b=1352.00; and c=1364.70 (2:45 p.m.).Visit our 24/7 chat room and share timely ideas and real-time results with great traders from around the world. Click on the link for a free trial subscription.

 


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 -- Published: Friday, 8 July 2016 | E-Mail  | Print  | Source: GoldSeek.com

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