Time to Buy Gold?
Updated
The Extreme Turn showed up on the Gold Futures Contract [MGC] near a KEY SR Level [1760-1780].
The last time we got this setup price rallied 175 per contract to our current SR Offer Zone 1940-1955 in 37 days.
Now the Extreme Turn fired as we approach the Bid Zone again with targets near 1840 for part and Extended
Targets to 1945 on the balance.
OPTIONS TRADE can be expressed as AGGRESSIVE Feb GLD 170C [37D] at $1.35
The last time we got this setup price rallied 175 per contract to our current SR Offer Zone 1940-1955 in 37 days.
Now the Extreme Turn fired as we approach the Bid Zone again with targets near 1840 for part and Extended
Targets to 1945 on the balance.
OPTIONS TRADE can be expressed as AGGRESSIVE Feb GLD 170C [37D] at $1.35
Note
Gold approaching the first target for a nice $45 plus winner per contract and the 1825 level provides a nice opportunity to cover 1/2 on the GLD 170 calls. Looking for a close above the 1847 area then trail stops.
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