Bulls remain on track to achieve the 1916.90 target flagged here earlier. It would take a little more more oomph, however, to push past ‘Annapurna’ at 1922.00 in order to generate a robust impulse leg on the daily chart. A further surge into the void above that peak would make December Gold a tempting short from the ‘discomfort zone’, if only for scalp-trade. Alternatively, a surprise plunge would trigger a ‘mechanical’ buy at p=1797.40, stop 1757.50. That’s $16,000 of entry risk on four contracts, so check the chat room for ‘camo’ alternatives before you leap. ______ UPDATE (Nov 16, 5:11 p.m. ET): Today’s stupid, and presumably gratuitous, plunge tripped a ‘mechanical’ buy signal at x=1855.20, stop 1843.20. Mechanical trades work best when we are attempting to exploit pointlessly violent swings, so this set-up should offer a pretty good test of the theory. _______ UPDATE (Nov 17, 8:55 a.m.): A pretty good test, indeed. The futures surged to p=1867.10 overnight, producing a textbook profit-taking opportunity that would have netted a nearly $4800 gain for anyone who held onto four contracts acquired at X=1855.20 as advised.
GCZ21 – December Gold (Last:1852.00)