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Gold Starts 2017 with an Encouraging Pop

By: Rick Ackerman, Rick's Picks

 -- Published: Wednesday, 4 January 2017 | Print  | Disqus 

http://www.rickackerman.com/wp-content/uploads/2017/01/Counterintuitive-buy-signal-in-gold.jpg

The sluggish uptrend begun in mid-December appeared to pick up steam as 2017 got under way.  The even better news is that the intraday swings have been easily tradable and targetable. (Check out Tuesday’s chat room discussion for reports from subscribers who actually made hay. If you don’t already subscribe, click here for a free two-week trial period that will get you into the room immediately and allow you to view a trading ‘Scoreboard’ updated 24/7 with actionable ideas.)  One such trade was a ‘counterintuitive’ long entry, noted by an alert subscriber, at the green line (see inset).  Although the trade initially went against buyers, subscribers who applied a simple rule avoided getting stopped out and subsequently got a ride to the 1165.50 target — precisely — for a quick gain of as much as $1400 per contract. Although the futures retraced moderately before the regular session ended, they looked poised for another leap to as high as 1174.20. That target will remain viable as long as the recent low at 1156.70 holds. Thereupon, if the rally pushes decisively past 1165.50, a further move to 1174.20 would in my estimation become an odds-on bet.


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 -- Published: Wednesday, 4 January 2017 | E-Mail  | Print  | Source: GoldSeek.com

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