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Gold Tiptoes Toward the Ledge

By: Rick Ackerman, Rick's Picks

 -- Published: Wednesday, 31 August 2016 | Print  | Disqus 

http://www.rickackerman.com/wp-content/uploads/2016/08/We-can-worry-about-the-selling.jpg

The pattern shown, with a minor downside target at 1302.70, looks like it will provide the most useful perspective for the very near term.  Neither the midpoint pivot nor the secondary (respectively, the red and green line) showed any discernible support, and that’s why I expect the selling to continue down to at least 1302.70. Also, the midpoint pivot produced a would-be profitable ‘mechanical’ short, as I expect the secondary pivot at 1313.20 to do now. We can worry about the demeanor of this presumptive correction if and when 1302.70 is easily or decisively exceeded. Were that to occur, the futures would be likely to grope their way down to 1259.10, the June 24 Brexit launching pad, in search of traction. 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: Wednesday, 31 August 2016 | E-Mail  | Print  | Source: GoldSeek.com

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