Coffee futures have had quite a summer, gaining 34% since early June. They've spent most of July consolidating that gain and now bid fair to challenge a midpoint resistance at 178.25, basis the September contract. This Hidden Pivot is crucial to the intermediate-term picture, since its decisive breach on a closing basis would portend more upside to as high as 200.70.
KCZ09
GCQ10 – August Gold (Last:1261.50)
– Posted in: Commentary for the Week of March 8 Current Touts Free Rick's PicksA Hidden Pivot at 1272.60 is still our minimum upside objective for the near term -- and, yes, it is frustrating that Gold, unlike stocks, is not moving effortlessly higher every night on short-covering into non-existent volume. Still, which would you rather own: shares or bullion? That's what I thought. Please note that if 1272.60 falls easily -- meaning, is exceeded by $1.00 or more within 15-20 minutes of first being touched -- expect more upside thereafter to at least 1293.50.
KCZ09 – December Coffee (Last:144.25)
– Posted in: Current Touts Free Rick's PicksHaving bettered a rally target on the daily chart yesterday, the December contract has become an odds-on bet to achieve the next, 150.85. That would represent a rally of about 5 percent from these levels.
