Loading ...Actionable Advice for Friday
$ GCG15 – February Gold(Last:1227.90)
December 11, 2014 5:21 p.m. EST
I’ve established a tracking position with a cost basis reduced by profit-taking to 1186.50. It is tied to an ‘impulsive’ stop-loss at 1215.20, implying traders should exit the position on any plunge that hits that number without an upward b-c correction following a breach of the first labeled low. This would not necessarily signal a resumption of the bear market; it is simply acknowledging that we cannot stick with a long position come hell or high water no matter how much we like gold. The position would still produce a $3000 profit on the stop-out, and we could hope to initiate a new long position as easily as we did this one. Looking just ahead, if the so-far two-day correction is about to end, we should see the futures pop to 1239.70 Thursday night. This would become an odds-on bet once the futures have exceeded the 1231.60 midpoint Hidden Pivot with which that target is associated. A move above 1239.70would further attest to the health of the bull cycle begun on Tuesday from around 1204