The signals in Gold have been mixed, to say the least, but there have been some subtle hints lately that the correction begun nearly six weeks ago may have run its course. Earlier in the week I’d said that a print above 595.10, basis the Comex August contract, would be mildly encouraging. The Auggies did indeed surpass that number, topping at 598.30 in the wee hours yesterday. However, they have since receded with the tide -- to 582.40, a low recorded around 4 p.m. Thursday.

At this point we can only speculate on Gold’s demeanor from day to day, observing the way in which the August contract interacts with minor hidden pivots off the 5- and 15-minute charts to gauge trend strength. The nearest such telltale is a hidden-pivot support at 579.00, and it should be monitored closely by anyone who trades or follows gold during the night session. An easy breach of that number would imply that a new, minor cycle of weakness may be starting – one that would presumably dominate for at least the next day or two. The pivot is tradable with the usual, very-tight stop-loss, and I’ve provided instructions for doing so in Friday’s Touts.

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A Subscriber Cashes Out

I would strongly encourage new Rick’s Picks subscribers to participate in the Q&A sessions we hold every Wednesday morning. This is a highly personalized, real-time service that few other stock-market advisories offer, and it is clearly paying off for some of the “regulars” who have been with us for a while. Here’s a recent item that I hope will inspire you to give the forum a try:

06/22/2006 12:11:33

September Mini-Euro (E7) (1.2635)  During yesterday's Q&A session, I recommended shorting the mini-euro at 1.2755, a hidden pivot. That turned out to be the exact high, to-the-tick (see chart below), and it has been followed so far by a 130-point plunge. Subscriber Roger Hooper wrote last night to ask me to establish a tracking position, which I said I would do if the position survived the night. However, given the fact that the two contracts he tells me he shorted have run up profits of more than $1,600 overnight, I'll assume that neither he nor anyone else who took the trade needs any further help.

(Click on chart to enlarge)

...and here's a gratifying note that I just received this morning from paid-up subscriber Scott V. Galbraith: "During yesterday's real-time Q&A session you recommended shorting the September Mini-Euro if it hit 1.2755. It did (exactly!), and I shorted two contracts at 1.2749. I just wanted to let you know that I exited the position this morning with a profit of more than $2,000 after holding it for less than 24 hours! That was a perfect call, and obviously made me more than the cost of your yearly fee. I thank you. You da man!" <i>You're quite welcome, Scott. Your note made my day.</i>

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NYC Seminar Sold Out

As of Tuesday, seats for the Hidden Pivot Seminar in New York City on October 14-15 were sold out. There undoubtedly will be a few drop-offs, so if you’re still thinking about coming you should contact me by e-mail asap to get on the waiting list.

Dates are not yet firm for seminars to be held in San Francisco and Sydney, Australia, but it looks like they will take place either in November 2006 or February 2007. Both are filling up, so let me know soon if you’re planning to attend. In addition, a subscriber from Vancouver has offered to produce a seminar there. If so, it will probably be held on the last weekend in October. This is the first time I’ve mentioned a possible class in Canada, so if you’re interested and would like further details please let me know via e-mail.

The seminar is geared to teaching traders of all skill levels the rudiments of my proprietary Hidden Pivot System. Post-grad mentoring in a chat-room is included so that students can master the techniques learned in the classroom in a real-time setting.