Gold’s Surge Has the Bad Guys on the Run
By: Rick Ackerman, Rick’s Picks
GoldSeek.com
Thursday, 28 July 2016
Fueled by idle threats from the Fed, gold futures launched sharply higher from well above the 1306.00 pivot where we’d hoped to do some bottom-fishing. The rally exceeded no fewer than four peaks on the 120-minute chart, two of them ‘external’, so bulls will have the bad guys on the run as we head into week’s end. They could flatten bears with a further push above 1348.00 (see inset) on Thursday, but night owls needn’t wait to get long, since the shallow pullback from the intraday high is close to generating a tradable pattern that I’ve sketched hypothetically for your guidance. I’ve also illustrated a larger, bullish pattern that show there’s potential over the near term to 1418.00.
The Rest…HERE
