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April 17, 2017 | What Comes Next for Gold and Silver?

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.

Comex silver and gold futures simultaneously reached two important Hidden Pivot targets on Monday that had kept us confidently on the right side of the trend since mid-March. The former, basis the May contract, came within a penny of an 18.665 target before dropping back sharply — by 30 cents so far. As for June Gold, it topped to the exact penny at a major Hidden Pivot midpoint resistance at 1297.40 that I’d emphasized the night before, including in a chart that showed it as a potentially tough hurdle. The futures subsequently fell to a so-far low at 1283.10 that lay $14.30 beneath the target. We don’t have a crystal ball to tell us how things will play out over the next week or two, but if the corrections in gold and silver prove to be short — meaning 3-5 days — and gold and silver subsequently blow past today’s highs, that would put them in good position to reach targets significantly above these levels. For precise numbers, check out my latest ‘touts’ for gold and silver, below. If you don’t subscribe but would like a peek, click here for a free  two week trial subscription to Rick’s Picks, including access to a 24/7 chat room that draws great traders ’round-the-clock from around the world.

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April 17th, 2017

Posted In: Rick's Picks

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