Gold Skids After Bulls Come Up Short

May 24, 2017

Buyers were repelled today by the 1263.80 ‘secondary’ pivot shown, failing badly in their attempt to achieve the 1269.80 rally target that had looked so promising at Monday’s close. The chart will likely have something to say about ‘Matt’s rule,’ whereby a stall exactly at the secondary pivot usually proves fatal to the minor trend.

In this case, according to Matt, a regular in the Rick’s Picks chat room who trades mostly Silver, it would imply more slippage to beneath the 1245.70 point ‘C’ low. That wouldn’t kill the larger uptrend that has been in progress since May 9, but it would certainly dampen bullish spirits for the time being. For now, we’ll move to the sidelines, since the only opportunity that seems imminent would be a scalp-short overnight.

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