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Time for Katie to Bar the Door in Gold?

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Is it Katie-bar-the-door-time in gold?  We seriously doubt it, although we wouldn’t blame bulls for feeling despondent after yesterday’s sharp decline, the second in a week. The April Comex contract plummeted to an intraday low of 1558 before reflexive buying provided a so-far modest bounce in after-hours trading.  The good news is that the low was pretty close to a trendline that just about every gold trader on earth must have been watching. With such a devoted following, it’s hardly surprising that this technical support was breached marginally, presumably to put the fear of the lord in wanton speculators. (…)
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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, 2013. |
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