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Gold Close to Trashing a Key Support
With a scary bank crisis in Cyprus driving the headlines a couple of weeks ago, gold could barely muster a rally. Notice in the chart below that the high of the move failed to clear a minor peak at 1619.70. Had it done so, we would have given bulls a fighting chance, since it would have created a bullish “impulse leg” with the potential to power quotes as much as $120 higher in just a few weeks. Instead, buyers showed themselves to be gutless, allowing the April contract to relapse down to within inches of the lower trendline. It could hold, but we doubt it. (…)
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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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2013-04-02 18:57:26
Source: http://www.rickackerman.com/2013/04/gold-close-to-trashing-a-key-support/
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