Gold Setting Up For A New Year's Surge?

December 30, 2016

The last of four February Comex futures contracts acquired by subscribers two days ago should have been exited early Thursday morning at 1149.90 for a total profit of about $3800. The ‘dynamic’ stop-loss at 1149.90 was triggered by a $1.40 drop from the high at the time, 1151.30. Based on reports in the chat room, numerous subscribers actually did the trade, which was posted, and then continuously updated, in real time here and on the chat room ‘Scoreboard.’ 

Looking just ahead, buyers’ ability on Thursday to blow past the 1155.50 target we’d used for the trade suggests there’s still some pent-up energy ready to push gold even higher. The nearest Hidden Pivot resistance lies at 1164.00 (60-min, A=1124.30 on 12/15; B=1151.70 on 12/27), but if it too gets shredded, so will the key external peak at 1168.00 recorded on 12/14. That would refresh the bullish energy of the intraday charts, making it more likely that 2017 will begin with a bang for bullion.

BULLETIN UPDATE (8:19 p.m.): The futures just touched 1164.00. Let’s see if they can get past it!  

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The term “carat” comes from “carob seed,” which was standard for weighing small quantities in the Middle East.