NOT The Time To Turn Skittish On Gold

January 21, 2015

GCG15 gold daily

The steep rally of the last week has made some in the chat room skittish, if not quite eager to jump off the train. However, I’d suggest hanging on for at least another day or two, since a rally of just 0.90 above the so-far high at 1297.50 would exceed August’s external peak at 1298.40, generating a robust new impulse leg on the daily chart. Traders who followed my most recent guidance would have been long from 1275.80 to Tuesday’s 1297.80 high, for a theoretical gain of $2200 per contract. To reboard, or to get on board belatedly, night owls should use the following rally pattern to craft a ‘camouflage’ entry opportunity (5-minute): A=1293.80 (9:25 p.m. EST on 1/20); B=1297.50 (10:05); C= (still undetermined).

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