Technical Updates For Gold and The Broad Markets
Rick Ackerman is with us today to share his outlook for Gold and the US markets. He outlines a couple targets for both pullbacks and breakouts that need to be watched closely.
Click here to visit Rick’s site and follow along with his technical outlooks.
Perhaps no one listened to this forecast, but it got gold’s plunge exactly right. Here’s an update that I just posted in my chat room:
“June Gold, down $20 at the moment, has slightly exceeded the 1296.80 downside target I sent out last night as a minimum downside objective. I’ll offer tracking guidance if I hear from at least two subs who shorted at the 1313.80 tripwire and still hold positions. The profit per contract at current levels would be $1620.”
If the ‘Hidden Pivot” support at 1296.80 gives way easily, it would put a 1262.70 target in play.
Thank´s Rick, so 1262.70 is next ?
Any bounce levels on the way down ?
1279.70 is now my minimum downside objective. A tradeable bounce from within a tick or two of that price is possible.
Thank you, Rick.
1275 ?
/GC targets…daily 1298 has been hit…wide ranging bar are rarely bottoms and next lower TAS profile bottom is 1287 area..also, weekly first tatget TAS profile is 1290…so i think gold is at or very near support…some consolidating is expected for next move
/GC countertrend bounce not yet .382 of full leg down…it is .41 of the smaller second leg down on the hour chart…..i already see selling…so weak shorts being driven out?…no idea
On his last interview (3/15) Rick said : “2 closes above 1315 will push gold to 1349” and gold did it on Monday and Tuesday. No comment