December Gold Looks Set for Another Leap
Source: GoldSeek, Rick Ackerman (11/10/09)
"…we treat every top on the hourly chart as potentially important"
We doubt such troubles lie in store for Comex gold, however. Even though the December contract dropped back $10 to end the day, we are still holding to an $1,134,50 target that has been a long time in coming. Quite a long time, actually, since it was first signaled back in May when gold was trading around 935. Accordingly, we're advising subscribers with long-term positions to lighten up if and when the rally hits $1,134.50, a "Hidden Pivot" resistance. We strongly expect a tradable pullback from that number just as we are seeing from $1,111.90. Please note, however, that if the rally were to push past the $1,134.50 target by as little as $2–$3 on the day it is first hit, we'd infer there's enough buying power for a short- to intermediate-term finishing stroke to at least $1,174.90.