Some Key Price Points In Gold

July 21, 2016

As we went to press, the futures were within four ticks of the 1312.10 retracement target sent out to subscribers Tuesday night. Will this minor Hidden Pivot support hold? Even if it does, we’d still need to see a rally surpassing last Friday’s 1339.60 peak before we could infer that correction begun from $1377 on July 6 had run its course.

Alternatively, just a little more downside exceeding the 1308.10 low (see inset) would negate the large bullish pattern shown. If this happens and the futures grind lower for yet another day or two, use the small downtrend at the right-hand edge of the chart, with a 1295.50 target, to guide you. My worst case over the near-term would be 1282.90, a Hidden Pivot support whose provenance is also shown in the chart. Visit our 24/7 chat room and share timely ideas and real-time results with great traders from around the world.

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The California Gold Rush began on January 24, 1848 when gold was found by James W. Marshall at Sutter's Mill in Coloma.