Gold is in an obligatory bounce from the green line (x=1934.00), and any long positions initiated there would be showing a paper profit of around $4400 on four contracts. The futures would need to hit p=1954.30 to signal a partial exit, but bulls looked sufficiently energized to accomplish this when trading resumes Sunday evening. I have my doubts that the run-up will reach D=1995.00, though, in part because the turn from the recent low looked too agonized. Regardless, 1995.00 is theoretically in play and would become an even better bet if the rally impales the midpoint Hidden Pivot on first contact. _______ UPDATE (Sep 18, 9:17 p.m.): The textbook ‘mechanical’ buy that triggered a week ago at x=1934.00 has gone on to produce an $8000 gain for anyone who did the trade. It is time to realize half of your profits now, since the futures this evening have touched the red line (p=1954.30) as anticipated. Here’s the chart. _______ UPDATE (Sep 20, 8:20 p.m.): The vicious bull-trap stab this morning to 1069 was short-lived, but it gave anyone still long an opportunity to exit with an additional $1800 for each contract still held. If you kept 25% of the original position for a swing at the fence, I’d suggest an ‘impulsive’ stop-loss at 1943.70 for now.
GCZ23 – December Gold (Last:1949.50)
