Short-Term Outlook For Gold Price Is Still Glum

August 7, 2018

Shifting to the October contract yields a compelling downside target at 1197.70 that can replace a projected range of 1192.70-1201.10 given here earlier for the August futures. As always, I’ll recommend bottom-fishing this Hidden Pivot support aggressively only to subscribers who have made money being short on the way down.

A rebound in the meantime to p=1235.00 would set up an enticing if belated ‘mechanical’ short, but we’d want to execute it via a ‘camouflage’ set-up to significantly reduce the initial, theoretical risk of nearly $1200 per contract.

*********

If you don't subscribe to Rick's Picks, just click here for a free two-week trial. It will give you instant access not only to the chat room, but to actionable 'touts', intraday alerts, ‘jackpot’ bets using super-leveraged options and impromptu ‘requests’ sessions online.

It is estimated that the total amount of gold mined up to the end of 2011 is approximately 166,000 tonnes.

Gold Eagle twitter                Like Gold Eagle on Facebook