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Gold Inches from a Major Support

By: Rick Ackerman, Rick's Picks

 -- Published: Thursday, 3 December 2015 | Print  | Disqus 

With the soon-to-expire December contract just inches from a longstanding target at 1044.50, the February futures have somewhat farther to fall to reach an important target of their own at 1035.70 (see inset). It is of a lesser degree, but potentially useful to us because it is so clear and compelling. The implication is that it can be bottom-fished with a tight stop-loss in expectations of a strong bounce. If the futures surprise by smashing the support on first contact, however, or if they relapse and breach the support after rallying for mere day or two, that would be quite bearish. A long-term target at 817.40 would remain theoretically in play in any event, but odds of it being achieved would shorten if the Hidden Pivot support at 1035.70 proves to be a pushover.  Please note as well that I advised covering a short position in December gold on Friday that had an $1176 basis. The theoretical gain would have been $12,000 per contract, based on a holding time of slightly less than one month. For a free trial subscription that will allow you to access the target and a list of all current recommendations, as well as a 24/7 chat room that draws veteran traders from around the world, click here.


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 -- Published: Thursday, 3 December 2015 | E-Mail  | Print  | Source: GoldSeek.com

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