GCG17 – February Gold (Last:1152.00)

if-gold-can-get-pastThe last of four February Comex futures contracts acquired by subscribers two days ago should have been exited early Thursday morning at 1149.90 for a total profit of about $3800. The ‘dynamic’ stop-loss at 1149.90 was triggered by a $1.40 drop from the high at the time, 1151.30. Based on reports in the chat room, numerous subscribers actually did the trade, which was posted, and then continuously updated, in real time here and on the chat room ‘Scoreboard.’  Looking just ahead, buyers’ ability on Thursday to blow past the 1155.50 target we’d used for the trade suggests there’s still some pent-up energy ready to push gold even higher. The nearest Hidden Pivot resistance lies at 1164.00 (60-min, A=1124.30 on 12/15; B=1151.70 on 12/27), but if it too gets shredded, so will the key external peak at 1168.00 recorded on 12/14. That would refresh the bullish energy of the intraday charts, making it more likely that 2017 will begin with a bang for bullion. ________ BULLETIN UPDATE (8:19 p.m.): The futures just touched 1164.00. Let’s see if they can get past it! _______ UPDATE (Jan 1): The futures did NOT get past the Hidden Pivot resistance. In fact, they sold off $13 after topping at 1164.30. This is no reason for gold bulls to despair, but it is certainly disappointing. The hourly chart remains slightly bullish, but it would take a print at 1168.20 — and the sooner the better — to make it unambiguously so.