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Long Gold and Loving It!

By: Rick Ackerman, Rick's Picks

 -- Published: Friday, 4 December 2015 | Print  | Disqus 

Iím establishing a tracking position ó long four contracts from 1048.00 ó since subscribers reported buying December Gold on the basis of a longstanding target Iíd furnished at 1044.50. The futures traded as low as 1046.20 intraday, probably as close as theyíre going to get to the target if itís going to work. As is my practice, I will recommend taking a quick profit on half the position at a current price of around 1063.70. Thatís admittedly not much of a gain, considering that I expect a very strong bounce from these levels. But it will give traders a comfort cushion that will allow them to swing for the fences with whatís left. The best way I know of to put oneself in a relaxed state of mind is to take a some of the houseís money off the table early on in a trade; and so I have advised.  Since the February 2016 contract is now the active month, I will further suggest rolling into it. It's trading for around the same price as the December contract, so I'll use the same cost basis.  If subscriber reports in the chat room warrant it, I will adjust the price to reflect their actual experience.  Finally, once youíve exited half the position, set a stop-loss for what remains at 1035.90. 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: Friday, 4 December 2015 | E-Mail  | Print  | Source: GoldSeek.com

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