1. Although today’s gold market declined into the daily close, a tradable advance remains possible.
2. A buy stop/new long position should be placed at $1165.50 in Dec. gold. Initial long position exit should be taken at/near $1169 and the remainder held for higher prices to be messaged in a subsequent update.
3. Once long, a protective sell stop should be placed at $161.90. This stop will be moved higher as the market continues to confirm.
1. Our previous (Wed., Nov. 12) Dec. gold update indicated new long entry at $1165.50. This entry was triggered today.
2. Gold advanced slightly beyond the $1165.50 long entry (session high, $1167.40) but quickly reversed and triggered our $1161.90 protective sell stop, resulting in a $3.60 loss on the entire position.
3. Should gold advance into tomorrow and test $1170 (or higher) a new update may be given at that time.