1414.50 Target in Gold
Gold fell hard on Friday, pushed to its worst loss in more than a year. The Comex June contract settled at $1501, down $63, after having traded as low as $1476 intraday. Adding insult to injury, Goldman Sachs – aka the Bad Guys – had seen it coming and told investors to get short two days earlier. We’d seen it coming ourselves, having projected a decline to at least $1487.90 when the futures were trading $80 higher. A headline here a week ago noted that Gold Has Trashed a Key Support. As indeed it had. Our plan was to bottom-fish near the target with a very tight stop-loss, and although gold took a promising bounce from $1491 that lasted four hours, our implied long position from there didn’t survive the second wave of selling. (…)
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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. |
4 comments |
2013-04-14 18:45:09
Source: http://www.rickackerman.com/2013/04/1396-target-in-gold/
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