Goldtent TA Paradise

Gold

1. DaveintheUK says:

   March 4, 2016 - 3:25 pm at 3:25 pm

   Wow what a move. Interesting that it reached Rick Ackerman’s target of 1273.80, must have got to about 1275 momentarily, hung out around $1270+ then dived to around $1253.

   Kitco’s 3 day chart shows clearly that about 5 minutes after the COMEX opened, there was a very sharp V bottom and an almost immediate +$30 move to $1280. So much for all the conspiracy theorists who always say gold gets knocked down on the COMEX (then when it gets knocked down in Asia overnight they say it always gets knocked down in illiquid overnight markets!)

   Looks like COMEX closed at around $1268 on a pullback from $1280 and then has drifted lower to wards $1260 in the aftermarket.

   Ackerman has posted a new target of $1384.10 and I think I mentioned a $1384 little while ago as a potential target based on on his usual kind of ABCD pattern, so I am quite proud that I used the same starting point for the impulse leg of the original move that he did and got the same ‘D’ target that he has been looking for. So I must be learning something!

   Ackerman’s Mid midpoint ‘P’ hidden pivot target is $1287.80, I think he said.

   His commentary and chart are here:

   http://www.kereport.com/2016/03/04/ricks-latest-commentary-gold/

2. DaveintheUK says:

   March 4, 2016 - 3:26 pm at 3:26 pm

   There is also an Andrew’s pitchfork (the larger one of two that I have been watching) that has around $1390-1400 as target, depending on timing.

3. DaveintheUK says:

   March 4, 2016 - 3:27 pm at 3:27 pm

   Of course Fully, $1393 is a key top from early 2014.

   Rick Ackerman is thinking bear market is over if gold gets past 2015’s $1308 peak, so $1393+ would be very nice indeed.