GCZ11 – December Gold (Last:1709.20)

EDT

December Gold (GCZ11) price chart with targetsWe took the money and ran yesterday, exiting the last piece of a long position at 1709.00 on a stop-loss. The position was held overnight and produced a theoretical gain of $2200 for each initial four-lot acquired.  I have mixed feelings about bailing out, since one of these little rallies that we’ve boarded is going to be the one that launches the futures toward the 1977.70 target shown in the chart.  The 1756.40 p sibling of that number has already been smashed, and that is bullish, but our immediate enthusiasm should be tempered by the failure of last month’s rally to push above any of September’s peaks.

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