Al's Insights – Wed 14 Nov, 2012
Rick Ackerman comments on gold.
$1803 Is Where Gold Would Come Alive
For gold investors, first the bad news – and let us be clear up front: it’s
not really that bad. Notice in the Comex chart below that the price of gold
has been meandering within a pennant formation for more than a year. You don’t
have to be a technician to see that this could comfortably continue for some
time – well into 2014, perhaps – before the converging lines of the pennant
will narrow sufficiently to force gold to “escape” either up or down. You
can relax about which direction is the more likely, since the pattern so far
looks like a classic consolidation, tipping the odds toward a breakout rather
than a breakdown.
Please note that Rick often updates these posts throughout the day. Before
making trading decisions based on information contained herein, always check the
latest copy of this article at: