Shhhh. I’ve refrained from drum-rolling the 1447.50 correction target (see inset) because it looks so likely to produce a precisely tradeable bounce. I didn’t want to queer the opportunity by giving it too much attention, but now you won’t have to worry about bumping heads with the riff-raff. Friday’s weak rally did nothing to change the odds that the futures will get there, but how far and how long the bounce goes is unknowable at the moment. The chart appeared here last week, but I didn’t explain why the pattern is so enticing. Mainly, it is a matter of the A-B impulse leg exceeding a true external low at 1488.90. This set-up is textbook-perfect, and subtly so, and that’s why it behooves us to make the most of it. _____ UPDATE (Nov 11, 9:15): My forecast caught the intraday low within $1.40, but also the tradeable bottom of a so-far $10 bounce. Only two subscribers mentioned this, so I have not established a tracking position. If you would like me to continue following gold futures, please say so in the room so that I am able to gauge interest in them. ______ UPDATE (Nov 12, 7:48 p.m.): Subscribers were able to re-use the 1447.50 target to bottom-fish for a second straight day. Monday’s gambit yielded a theoretical, four-contract gain of slightly more than $3000; today’s could have netted as much as $5000. Check posts in the trading room between 10 and 2 if you’re skeptical these trades worked for-real. The rally was continuing Monday night, but it would need to surpass 1467.40 to imply it’s about to get legs. Subs should have cashed out half of the position by now in any case, with the remainder tied to a wide ‘impulsive stop-loss’ on the 15-minute chart. At the moment, that would mean exiting at 1453.20. _______ UPDATE (Nov 13, 8:30 a.m.): Some subscribers reported staying long for the whole ride — from 1447.50 to 1467.40. Aggressive play here could have been worth as much as $2000 per contract. The high exceeded the latter number by two ticks, refreshing the bullish impulsiveness of the hourly charts. Let’s see if buyers can take advantage of this.
GCZ19 – December Gold (Last:1463.40)
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