One Way for Gold Bulls to Avoid Pain

Gold has been testing the limits of our endurance lately. A week ago, when we tried to buy shares of GDXJ, a proxy for junior mining stocks, it ran away from us, seemingly headed into the wild blue yonder. At nearly $24 a share, it was difficult to justify jumping aboard, since, just a couple of days earlier, we’d blown an opportunity to do so at a bargain-basement price of 21.52. We sat tight nonetheless until yesterday, when GDXJ dove into our lap, then trampolined off a 19.66 correction target that had been spotlighted in the “trading touts” section of Rick’s Picks a month ago. Here’s the recommendation exactly as it went out to subscribers the night before, with GDXJ settled at 21.09:  “An important [Hidden Pivot] target at 19.66, last mentioned here on April 5, appears to be this vehicle’s immediate destination. I’ll recommend bidding for 400 shares at 19.75, no stop-loss, day order. Camouflageurs can start looking for the turn now, seizing the advantage if it should present itself.” (…)
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Rick’s Picks is a trading newsletter for stock, gold, silver and mini-indexes. All trades are based on the proprietary Hidden Pivot technical analysis method.

© Rick Ackerman and www.rickackerman.com, 2012. |
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