With gold plummeting, the short position initiated by subscribers on October 29 is showing a gain on paper of about $9000 per contract. The cost basis has been adjusted to reflect earlier profit-taking and applies to the 25% of the original position that remains. There is considerably more downside potential, since we’re using a Hidden Pivot target at 1044.50 as a minimum objective. However, I am suggesting that you use an ample stop-loss nonetheless to avoid giving it all back. Lower it once again, this time to 1120.90, good through Monday. At that price, the futures would generate a robustly bullish impulse leg on the intraday charts. As noted earlier, a pullback from just above that number could set-up an attractive ‘camouflage’ buying opportunity. ______ UPDATE (9:53 p.m. ET): Let’s bring the stop down a bit more, to 1111.40, since that’s the very lowest price at which a bullish impulse leg would be created (on the 15-minute chart). _______ UPDATE (8:13 p.m. ET): No change.
