Thursday, July 10, 2014

A Possible Opportunity in Comex Silver Futures

– Posted in: Free Rick's Picks

Gold and Silver have been in tredious consolidations for weeks, but at press time (around 9 p.m. EDT Wednesdsay night) the latter was tracing out an ABC rally pattern that could provide traders with the least risky entry opportunity we've seen in a while. For visual guidance, check out the chart that accompanies Thursday's tout for September Silver.

SIU14 – September Silver (Last:20.820)

– Posted in: Current Touts Rick's Picks

Although August Gold's price action has somewhat altered my rally target, conditions in September Silver are unchanged.  To wit, a push through the midpoint Hidden Pivot at 21.370 would portend minimum short-term upside thereafter to 22.110.  Traders should take note of the fact that Wednesday's high at 21.285 exceeded an external peak made a week ago by a single tick. This implies that the pullback since then is corrective and that it can be bought when the uptrend resumes.  I have sketched this out hypothetically for your further guidance. _______ UPDATE (8:24 a.m. EDT):  Anyone who used  the tactic I sketched out to get long overnight would have done nicely, since Silver subsequently climbed sharply. The 22.110 target remains valid as a minimum upside objective for the near term. Please report any fills in the chat room, since I'll establish a tracking position for your further guidance if at least two subscribers say they got aboard. _______ UPDATE (Sunday night, July 13): The 22.110 target remains viable and presumably is attainable once the futures finish consolidating near 21.50. A lesser rally pattern that would yield 21.890 should be considered a 'go' once buyers push through its sibling midpoint resistance at 21.653. _______ UPDATE (8:56 a.m. ET): Silver has gotten smacked this morning, although with slightly less force than Gold. The selloff did no damage whatsoever to a still-bullish weekly chart, and it also left intact a lesser bullish pattern on the hourly chart that points to 21.725. As a practical mater, however, and for the moment, these points are moot, since the downtrend now in motion points as low as 20.785 on the hourly chart (a= 21.610 on 7/10 at 9 a.m.). _______ UPDATE (July 16, 1:15 a.m. EDT): Silver bulls have sent this vehicle into spasms in their serial

GCQ14 – August Gold (Last:1297.00)

– Posted in: Current Touts Free Rick's Picks

A very tedious and tiresome consolidation that has stretched into weeks has not altered the bullish look of the intraday charts. My immediate rally target has changed slightly, however, to 1374.00, a Hidden Pivot that should be considered well in play as a minimum short-term price objective once the futures push past the midpoint pivot at 1339.70.  Night owls looking to get aboard should use a pullback from just above the 1333.20 peak recorded on July 2. _______ UPDATE (8:20 a.m. EDT): Bullion prices have in fact taken flight this morning. If you got aboard as advised, please let me know in the chat room so that I can establish a tracking position for the further guidance of subscribers. _______ UPDATE (10:13 p.m.): The so-far $10 correction off Thursday's high will trip a new buy signal at 1340.75. If the futures run up just $5 from there, they would be signaling more upside to the 1354.70 target of a minor rally pattern subsumed by the larger one that still ponts to 1374.00.________ UPDATE (July 14, 10:50 a.m.):  Gold has gotten whacked today, but you could search a billion web pages and not come up with a satisfying explanation as to why. We'll chalk it up to 'just one of those things' and wait for improved price action.  Although the $35 dive has negated the bullish targets given above, it did no damage whatsoever to a weekly chart that shows two bullish impulse legs of different degree: one starting from the New Year's low, the other from the 1240.20 low recorded on June 6. ______ UPDATE (July 16, 1:10 a.m.):  The futures bounced very precisely yesterday from the 1292.10 target shown (see inset), but the bounce wasn't very robust, and if it goes just a smidgen further the 1275.70 target of

ESU14 – Sep E-Mini S&P (Last:1966.50.)

– Posted in: Current Touts Rick's Picks

It's tempting to think that the wheezy, schizoid short-squeeze rally that has followed two consecutive down days is a bull trap. Still, we must heed the fact that the day ended with a bullish impulse leg that would have us get long, at least for the near-term, rather than short. That said, the rally thus far has been too feeble to push past the 1968.50 midpoint resistance shown. If and when it does, expect the futures to complete the move to 1972.25, and to top there within two ticks. Night owls can short the target with a 1973.25 stop-loss -- and by all means, step up the size if you've been long for the ride up.