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Swinging for the Fences in Comex Gold

By: Rick Ackerman, Rick's Picks

 -- Published: Wednesday, 11 October 2017 | Print  | Disqus 

I am tracking a single-contact position with a cost basis that has been reduced by profit-taking to 1204.80. At a current price of 1293.10, that would imply a theoretical gain so far of nearly $9000. As is my custom, I track positions only when subscribers have reported initiating trades with actual money, based on explicit recommendations I have made, or on precise reversal targets that Iíve calculated using the Hidden Pivot Method. We are swinging for the fences with one contract that remains from an original four, all purchased when December Gold bottomed on Friday exactly at a correction target sent out the night before. The implied big-picture rally target is 1414.10, meaning we could conceivably rack up another $11,000 in gains before the bull cycle begun in July has run its course. In any event, Iíll recommend using the 60-minute chart to fashion an Ďimpulsiveí stop-loss like the one shown (see inset). That means you should exit whatís left of the position if a downtrend exceeds two prior lows on the hourly chart without an upward correction after the first low has been breached.  The lower of those lows lies at 1277.70. If you donít subscribe, click here for a free two-week trial that will allow you to see the tout, and also to enter the Rickís Picks chat room, where great traders from around the world swap timely ideas 24/7.

 


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 -- Published: Wednesday, 11 October 2017 | E-Mail  | Print  | Source: GoldSeek.com

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