Wednesday, May 16, 2012

Late Tuesday night, June Gold was within an inch of the 1534.70 target we've been using to stay out of trouble. Because there are even lower targets for certain other bullion vehicles track by Rick's Picks, however, we shouldn't be surprised if the support fails. A climactic washout  could occur in the days ahead, so any bottom-fishing should be via 'camouflage' on the terms I've specified.

A Hidden Pivot at 1534.30 flagged here earlier is pulling the futures lower, along with a secondary target (shown) at 1532.70.  Camouflage is called for if bottom-fishing, so start looking for the turn on the 5-minute (or less) chart from 1535.80 on down.  If these supports give way easily and, heaven forbid, the futures close below them, the next stop would likely be 1500.00, the 'D' target of the large pattern shown.  Night owls could also use a 1520.30 target to bottom-fish -- without camouflage.  A four-tick stop-loss should suffice.  Want to learn how to do this stuff yourself? Click here for information about the upcoming Hidden Pivot Webinar on June 6-7.

The June contract was frolicking at cliff's edge, here the 27.590 'D' support of the pattern shown.  A breakdown would portend more weakness to as low as 26.705, the target derived from A2. If we take just the last piece of the downtrend, starting with 29.900 from 5/13 as 'A' (60m), then an additional support at 27.330 becomes manifest.  As always, a breach of any Hidden Pivot support implies more downside to the next.

Bearish targets at 1310.00 and 1301.00 remain valid, but if you're a night owl and there's an opportunity to bottom-fish the 1316.00 'D' target of the pattern shown, go for it.  Its 'p' sibling lies at 1331.50, a support whose decisive breach implies that 'D" itself is likely to be reached. You'll be on your own if the order fills, but be sure to take a partial profit if you get a rally to the 'c-d' midpoint.  A decisive breach of 1316.00 would imply still lower prices ahead.

[Rick’s Picks has never promised subscribers that we would make them rich.  That takes hard work and discipline, as well as the understanding that it is impossible to succeed by blindly following someone else’s advice. Our goal is to give people the tools they need to trade confidently and with very tight control of risk.  One subscriber, Dale P., has been hard at it for six years, diligently honing his expertise in applying the Hidden Pivot Method so that, he says, it now produces significant income for him.  Dale, who  work nights in the health care field and trades during the day, talks about the learning process in the guest commentary below. It is actually an excerpt from a recent discussion in the Rick’s Picks chat room.  If you are interested in learning more about our proprietary method for trading and forecasting yourself, click here. RA] “[In the chat room just now], Johnny asked if anyone was making money here, and I would like to give him my answer supported with facts that, for the most part, you can verify [by checking out trades I’ve signaled in here today].  Yes, we are making money here. Often, subscribers come in to thank Rick for helping pay off their subscription, or a loan or car note, etc.  I have never blown my own horn, but today I will. I began following Rick six years ago when he was posting "black box" predictions on another website. Eventually he went to a fee-based subscription. I had lost thousands of dollars trading options, and my 401k's were ravished. I had never ventured into the futures markets. I decided that I had to do something to stop the bleeding, so I subscribed to the new Rick's Picks, and in the first month or two, took his