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Long Gold, We'll Go for the First Down

By: Rick Ackerman, Rick's Picks

 -- Published: Tuesday, 22 December 2015 | Print  | Disqus 

http://www.rickackerman.com/wp-content/uploads/2015/12/Bulls-look-primed.jpg

Bulls retained possession on Monday, extending Friday’s sharp rally with another. Subscribers reported getting aboard ahead of the move using the ‘mechanical’ bid I’d suggested on a pullback to 1068.25.  I subsequently advised exiting half of the position at 1073.25 via an update to the tout; then, cashing out a third contract at 1078.90, the ‘secondary’ pivot shown in the chart. This has left us with a tracking position of one contract and an effective cost basis of 1047.60. Bulls were no worse than an even-odds bet to hit 1089.60 by Wednesday, but night owls may need to craft their own bid to get aboard if they aren’t already, since there was no ‘mechanical’ set-up to use for this purpose when we went to press. (I’ve sketched one hypothetically, however, for your further guidance.)  Ordinarily I would recommend cashing out what’s left of the position if the futures get close to 1089.60. This time, however, we’ll go for long yardage by implementing an ‘impulsive’ stop on the hourly chart when 1088.20 is hit. That implies exiting the position if a down-leg exceeds two prior lows without a visually significant upward correction.  Click here for a free trial subscription that will allow you to access the chat room, Rick’s daily touts and intraday alerts, and ‘impromptu’ analysis sessions online for two weeks.


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 -- Published: Tuesday, 22 December 2015 | E-Mail  | Print  | Source: GoldSeek.com

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