There are finally some encouraging signs with gold that the next pop could be a good ride up to nearly $1260. Here are the details…
Gold continues to make headway in herky-jerky fashion, failing to fully satisfy bulls but also denying bears much to cheer about. On Monday, the February Comex contract rallied to within a millimeter of the 1240.20 Hidden Pivot target shown. The pullback so far has been mild, encouraging the thought that the next pop will be good for a ride to 1259.80. Another encouraging sign is that some recent ‘mechanical’ buy signals in gold vehicles, including one in HUI, the Gold Bugs Index, have been winners. We’d sworn off this type of trade in bullion after getting stopped out once in the futures, but they seem to be working again. This implies that buying enthusiasm has picked up a little over the last couple of weeks. For your information, the February futures is currently on a ‘mechanical’ buy signal that tripped at 1216.80, stop 1202.40.
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