We hold two contracts with a profit-adjusted cost basis of 2149.25. That’s what remains of a four-contract tracking position established Sunday evening when moderate weakness permitted a ‘mechanical’ buy at 2185.75. I subsequently recommended closing out half of the position if the futures hit 2223.75.  Yesterday’s powerful surge to 2241.25 provided an easy opportunity to do so, yielding a paper gain on the position of a little more than $7000 so far.  We’re using  a 2299.50 target, but I’ll recommend exiting a third contract if the futures hit 2248.00, just below a lesser but still significant Hidden Pivot target (see inset) that has the potential to reverse the bullish tide, if only temporarily. If it doesn’t, we’ll still have one contract left to swing for the fences — in this case 2299.50. I have yet to hear from any subscribers who did the trade, but I created a tracking position nevertheless so that I could be on-record with a position that looked like a high-odds bet.  I also wanted to provide specific Hidden Pivot levels and a target that would allow subscribers to get long belatedly at any point along the way. If you don’t subscribe, you can access the chat room and all of Rick's trading 'touts' instantly by clicking here for a no-risk, two-week trial subscription.

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 -- Published: Thursday, 8 December 2016 | E-Mail  | Print  | Source: GoldSeek.com

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