Member-only content. Please Login or get a free trial of Rick's Picks to view.
COMMENTARY for Thursday
TODAY'S ACTION for Thursday
Rick's Picks for Thursday
Gold appeared headed for a midpoint pivot at 1094.90, which will remain in play so long as 1106.30 is not revisited. The sibling D target is at 1083.50. A rally of $12.70 off a session low would activate a larger bullish pattern that began at 1178.10. ______ UPDATE (11:02 a.m. EST): Gold reversed above the midpoint and exceeded 1106.30, cancelling the targets. The rally was indeed more than $12.70, which confirmed upside targets at 1123.40 and 1148.70. The midpoint of this pattern at 1123.40 was punctured minutes ago, signalling more upside to come. ______ FURTHER UPDATE (04:18 p.m. EST): In the chat room, two different intraday patterns were discussed which have identical midpoints at 1128.50, two ticks below the daily and weekly high of 1128.70 made yesterday. The intraday midpoints are therefore not “hidden,” but they presumably add significance to the 1128.70 high.
If a midpoint pivot at 15.180 does not hold, silver’s next objective will be dual D targets of 14.085 and 14.030, which come from two distinct patterns on the daily chart. ______ UPDATE (04:10 p.m. EST): So long as silver remains below 16.330, the 15.180 and 14.030 targets are active. Just above 16.330 are additional hourly highs off to the left, up to 16.410. A move above 16.330 would be bullish, above 16.410 moreso.
An accurate bounce off of a midpoint pivot followed by a sharp breach suggests that the Yen futures are headed for a D target at 1.0890. To get there, they will have to cut through a midpoint pivot of 1.0903 which comes from a large pattern on the daily chart. ______ UPDATE (11:06 a.m. EST): The yen rallied enough to cancel the 1.0890 target, but 1.0903 remains active. ______ FURTHER UPDATE (05:18 p.m. EST): The Fed discount rate announcement sent the yen into a dive. The 1.0903 midpoint pivot was exceeded very narrowly, by ten pips, before the session ended.
The bonds exceeded a midpoint by enough to suggest that dual targets of 115^10 and 115^06 are coming. Traders should focus on the lower of these two pivots. ______ UPDATE (10:54 a.m. EST): A smaller pattern has emerged on the hourly chart in which the midpoint has been surpassed, pointing toward the D target of 115^24.
Member-only content. Please Login or get a free trial of Rick's Picks to view.
Member-only content. Please Login or get a free trial of Rick's Picks to view.
Take any dozen good reasons for being bearish right now and they still don’t equal the bullishness of the chart shown. The undeniably compelling rally objective is 13085, a 4.8% move from current levels, and one can only surmise that the dusting the 12158 midpoint received on the last pullback (12/28) all but clinched a finishing stroke to the higher number. Moreover, it implies that bears shouldn’t get their hopes too high even if, in the next few days, the Dow plummets 324 points to retest the midpoint support. As of now, that would signal not weakness, but a screaming opportunity to get long. Hard to believe, really, but that’s what the charts say.
Hidden Pivot Webinar & Tutorials
The next Hidden Pivot Webinar will be held on Feb. 29th - Mar. 1st. This two-day event is designed to teach you the risk-averse trading strategies Rick has taken to his seminars around the world. Once you have learned his proprietary secrets, you will approach trading and investing with enough confidence to make your own decisions without having to rely on the advice of others. For more information, or to register, click here.
Will the COMEX Keep Pace?
by Rick Ackerman on February 18, 2010 12:01 am GMT · 28 comments
This week Rick is traveling in Mexico. This commentary was written by Douglas McLagan.
The December 2009 COMEX Gold futures contract recently completed a rally that lifted its price by more than 75% in less than fourteen months’ time. This is easily forgotten by gold bulls who spend too much time watching bullion bank sell-bots run rampant on trading screens, but it is a fact. The rally took gold through an important resistance level and out of a large consolidation phase, confirming to many observers that the bull market is alive and well and perhaps ready to accelerate. Intrepid longer-term traders can hope to capitalize on a leveraged basis through the futures, but will the exchanges, specifically » Read the full article