The week ended with a feebly impulsive rally, so we shouldn’t get our hopes too high that the June contract will somehow avoid a predicted fall to at least the 1825.80 target of the pattern shown. It ha s been working fairly well for trading purposes although, strictly speaking, the rally to the red line on Friday did not trigger a valid ‘mechanical’ short because it came from a low that missed touching p2 by a hair’s breadth. ______ UPDATE (May 2, 6:47 p.m.): Mechanical trades rated higher the ‘7’ are rare, but here’s one that triggered today — on the monthly chart, no less! With more than $60,000 of initial risk on four contracts, however, this is one you should either paper trade or execute using ‘camouflage’ in the full-size contract or the mini. My target for the corrective move, basis the June contract, suggests the futures will go lower, to at least 1825.80, before they can turn around. The 2329.10 rally target is hardly a done deal, but it is not looking too shabby for the long term, given the way buyers impaled p=2011 in March. _______ UPDATE (May 4, 10:45 p.m.): So far, so good! The corrective rally implied in my last update has traveled $50 since bottoming. This occurred a millimeter from an 1852.30 low I’d rated 8.1 for ‘mechanical’ longs. Anyone aboard? _______ UPDATE (May 5, 9:31 p.m.): Yet another promising rally turned to dross when the futures reversed near the opening and gave up nearly all of the previous day’s gains. I’ll have little more to say ahead of the weekend.
GCM22 – June Gold (Last:1870.00)
Posted on May 1, 2022, 5:17 pm EDT
Last Updated May 5, 2022, 9:31 pm EDT
- May 3, 2022, 3:11 pm
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May 3, 2022, 12:42 pm
Hello Rick , over the yrs I’ve occasionally noticed your writings. I’m no market technician at all. Merely a bricklayer who spends working days lifting heavy things up & being careful not to go down – from a 100′ hi scaffold. I just read your dollar “up’ scenario. If this happens would it collapse gold down ? I bought a few rounds last yr. Maybe I should sell and just deposit/save cash instead ? Trying to prepare in case of a rainy day haha. Thanks
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May 3, 2022, 9:48 am
Refreshing perspective – thank you
Today is my first day as a 14 day subscriber and I have no idea how to make any sense of this. I am interested in gold and I have no idea how to trade it from your update. Charles Carver
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Stick around, Charles, because if you want to trade profitably, you won’t find better guidance for this than at Rick’s Picks. I promise. Over time, you will see various trade recommendations geared to different levels of experience — including, occasionally, beginner. There was a quick $1,000 winner that I put out today in the chat room at 12:50. Call it up yourself and see how you might have played it. As far as my chat room recommendations go, this was the ‘intermediate slope.’ Anyone who bought June Crude at 102.45 as I’d explicitly advised would have done quite well — i.e., made as much as $1000 per contract — if the initial stop-loss had been no wider than 36 cents (imply $360 of initial risk per contract. For some traders, that would be a fairly tight stop-loss if trading a futures contract as volatile as crude oil. But once you’ve imbibed some of the risk-averse tactics that are possible using the Hidden Pivot System, you’ll be able to cut that down to perhaps $60 or so per contract.
It is not my thing to spoon-feed traders, but to teach them to think for themselves and to act with confidence when trading on their own. You should ask around in the chat room how well I’ve done at this. So, yes, stick around. You are going to be astounded at what is possible, even for relative beginners.
Rick