The stock’s bounce from a 1447.50 correction target hit on Wednesday could have produced a gain of as much as $1000 per contract for subscribers who traded it. Those who leveraged the target appeared to have taken profits near the 1467.40 threshold where I’d said the rally would become a better bet. And so it has, mainly because the rally exceeded 1467.40 by two ticks, generating a bullish impulse leg on the intraday charts. However, the futures have made no more headway, so we’ll have to wait and see what the new day brings. The chart shows at a glance why pulls are not yet out of the woods with respect to the 1425.00 downside target. It will remain theoretically viable in any case as long as 1525.80 is not exceeded to the upside. _______ UPDATE (Nov 14, 7:49 p.m.): A timid, three-day rally has generated some minor impulse legs, but the burden of proof remains on bulls for now. The 1425.00 downside target is still a good bet to be reached, but odds would lengthen if buyers can push the futures above the 1491.10 peak shown here.
GCZ19 – December Gold (Last:1468.80)
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