Rick’s Picks subscribers were probably among the few traders who made money Monday on the long side of gold. In the process of falling by more nearly $20 from Sunday night’s high, the December contract rallied $8.70 early in the session, allowing us to catch half of the move on an rABC pattern for a quick, lovely gain. In the trading room, actual profits reported in slightly less than an hour ranged from $410 to $520. You should check the chat room scroll to see whether the discussion might have activated, and then enabled, your interest. The trade had been mentioned Sunday night as a possibility pending the creation of a point ‘C’ low for the relevant pattern. It came at around 9:12 a.m., and although I mentioned in my post at that time that I wasn’t too enthused about the buy side, the opportunity looked too good to pass up. And now, looking just ahead, the futures appeared bound still lower — to at least D= 1487.20 if p=1493.50 is decisively penetrated. If you trade this vehicle, stay close to the chat room for real-time guidance.
GCZ19 – December Gold (Last:1496.30)