GCZ14 – December Gold (Last:1250.50)

The futures pulled out of a two-day tailspin yesterday, rallying $10 from a low that lay 1.10 beneath the Hidden Pivot target at 1249.20 I’d proffered. The breach of the support was more adversity than I would have tolerated myself, but it evidently didn’t stop some subscribers bolder than I from staying in the position with a wider stop-loss. The ensuing ride from the low was worth as much as $1000 per contract, but unless I hear from at least a few traders who stayed long into the close, I’ll forego tracking guidance.   The bounce was impulsively bullish on the hourly chart, so any bc-type pullback would theoretically be a buy. _______ UPDATE (Sep 10, 2:23 a.m. EDT): Several subscribers reported in the chat room that they are still on board, so I’ll recommend cashing out half of the position at or near current levels. That would leave a position of two contracts with a profit-adjusted cost basis of 1239.00.  For what remains, use an impulsive stop-loss based on the 30-minute chart for now. That would imply exiting on an uncorrected plunge exceeding two prior lows at, respectively, 1254.30 and 1248.10.  I’ll further suggest taking off a third contract at 1264.50. That is three ticks below the D target, on the 30-minute chart, of A=1248.10, B=1258.60. The midpoint pivot lies at 1259.60, and if it’s exceeded by more than three ticks, I’d rate the 1264.80 target an odds-on bet. _______ UPDATE (after-hours): The futures plunged, initially to 1246.90, stopping out the position for a theoretical gain of a little more than a thousand dollars per contract. A subsequent rally gave way to yet another plunge to intraday low at 1244.00.  The futures rallied into the close, but my projection calls for more slippage to at least 1234.10, provided the point ‘C’ high of the pattern at 1258.50 is not exceeded first.