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December 17, 2016 | Gold Bull Vanishing One Day at a Time

Rick Ackerman

Rick Ackerman is the editor of Rick’s Picks, an online service geared to traders of stocks, options, index futures and commodities. His detailed trading strategies have appeared since the early 1990s in Black Box Forecasts, a newsletter he founded that originally was geared to professional option traders. Barron’s once labeled him an “intrepid trader” in a headline that alluded to his key role in solving a notorious pill-tampering case. He received a $200,000 reward when a conviction resulted, and the story was retold on TV’s FBI: The Untold Story. His professional background includes 12 years as a market maker in the pits of the Pacific Coast Exchange, three as an investigator with renowned San Francisco private eye Hal Lipset, seven as a reporter and newspaper editor, three as a columnist for the Sunday San Francisco Examiner, and two decades as a contributor to publications ranging from Barron’s to The Antiquarian Bookman to Fleet Street Letter and Utne Reader.

With just one more moderate selloff, gold will have given up 90% of the $300 gain it achieved in the first half of 2016. We’ve been using a downside target just above $1100 as a minimum price objective since shortly after bullion spiked on election night. That turns out to have been one of the nastiest bull traps that bullion traders have seen in a long while.  As always, there are technical circumstances in which bullion could conceivably become a screaming buy. However, the charts offer little encouragement for this at the moment. Actually, we’ll probably know by year’s end whether a short to $820 will be the more promising trade.

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December 17th, 2016

Posted In: Rick's Picks

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