December GOLD: (GGCZ5)
Down over $100 in the past 7 weeks, Gold is finally seeing a bounce that has my attention.
With the market back above 1100.0, it looks poised to try to make a run higher.
Look for resistance to come in around 1150.0 (old support from mid-March)
The next stop would be 1180.0
Some may choose to wait to get involved until we get above all recent congestion at 1110.0
*** There are micro contracts available. (symbol – MGCZ5) ***
- They are 1/10 the size of the standard contract.
- $1.00 move in Gold (1105.0 to 1106.0) = $10.00 (vs $100.00)
I like to use these contracts when I will be looking to add additional contracts if the market starts to go our way.
Perhaps start with 2 micros at 1100.0 and risk down to 1070.0 or about $300 per micro contract.
Have a look:
It may not be possible to limit losses to the exact loss limit depending upon market conditions and the possibility of limit moves.
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