Subtle Signs Gold’s Correction Is Over

Posted by Rick Ackerman via Peter Grandich

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The technical evidence was subtle, but gold appeared to have its best day in months on Thursday. The night before, we had told subscribers to brace for a new wave of selling that would bring the April Comex contract down to at least $1073, exactly $23 below the previous day’s settlement price. When the dust had settled, however, the futures had fallen no lower than $1088 – off a mere $8 from the previous day’s close. Moreover, the reversal from the day’s lows was swift and decisive, leaving April Gold at $1108 by day’s end, $20 off the lows. Most encouraging of all, however, was that the bounce came precisely from a “Hidden Pivot midpoint,” and that it ultimately blew past two resistance peaks on the hourly chart without pausing for breath.  Taken together, these telling technical signs offer the most encouraging evidence of bullion’s resurgence that we’ve seen since Comex gold reached a record-high $1227.50 on December 3.

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