1. As noted in recent live meetings, Feb. gold will normally decline and test $1221/$20 (or lower) into Thurs., Dec. 11 (+/-1 day). How the market handles that price level (or lower) remains important.
2. Until then, a buy stop/new long position at $1245.60 should be placed in Feb. gold. If triggered, initial long position exit should be taken at/near $1248, a further exit at/near $1251 and the remainder held for a test/attempt at $1260/$61. Aggressive can continue to hold any remaining long position for the possibility of higher prices (beyond $1260/$61) for a trend following final exit.
3. Once long, a protective sell stop should be placed at $1234.50. This stop will be moved higher as the market continues to confirm. Will update.
1. Our Wed., Dec. 10 Feb. gold report indicated that the normally expected move for gold was to continue to decline and test/attempt $1221/$20 (or lower) into Thurs., Dec. 11 (+/-1 day). Today (Thurs., Dec. 11) Dec. gold completed the $1221/$20 downside target (and lower).
2. Therefore, our buy stop/new long position at $1245.60 should be canceled at this time. Will message any further entry or indication in Feb. gold.