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Gold Bulls Set Sights on $1430 Target

By: Rick Ackerman, Rick's Picks

 -- Published: Wednesday, 7 September 2016 | Print  | Disqus 

http://www.rickackerman.com/wp-content/uploads/2016/09/Gold-rally-blew-past-two-peaks.jpg

The futures blew past the 1346.10 target with ease, implying that an ABC pattern of greater magnitude, with a correspondingly higher target, is driving this rally.  The one shown projects to 1430.80, about 5.6% above current levels. The futures tripped a theoretical buy signal to this number when they hit the green line today. However, the implied $3100 initial stop-loss is reason to look for other, less risky, ways to get aboard. Since only one subscriber reported using the guidance I put out last night to get long, I’ll save more-detailed tactics for the chat room on Wednesday, assuming the interest is there. Self-starters can use x, p or p2 to get long ‘mechanically’, or to generate camouflage buy signals at any of those levels, provided the pullback to them meets our simple criteria for ‘mechanical’ entries. Note:  This rally looks quite promising.  Notice how it blasted through two external peaks on the daily chart in the space of a single day. If buyers knock off a couple more peaks this week, that would be even more encouraging. 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, 7 September 2016 | E-Mail  | Print  | Source: GoldSeek.com

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