Issued: 12/10/2014
Feb. gold:
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.
David Williams
Issued: 12/11/2014
Feb. gold:
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.
David Williams