Our Premium analysis has been on fire in October! And I’m pleased to say that I’ve received amazing feedback from Premium Members who have certainly taken advantage of this recent run.
Which brings me to Gold, which had a fantastic sell-off through our key level and came within 3 ticks of our final target!
Premium Playbook Delivers Again!
In addition to video commentary and the pre-market report, Premium Members also received this Gold RT Playbook chart Wednesday morning at 7:50am CT:
And here’s how the chart turned out by the end of the day:
What a beautiful 14-point move based off a violation of our key level!
Clearly, buyers came in to defend the 1222s, but when they became unable to take the previous week’s low price of 1226.30 bid, the stops came out and a 14-point move ensued precisely to our target!
1222 Was Key
The 1222 level was important, because it clearly showed where the bulls were defending. As you know, if the bulls fail to get paid, they must liquidate their trade. Bears knew exactly where to defend to begin running downside sell stops, and it all started with 1226.30.
Once the stops came out, the sell-off was on.
How was I able to project the day’s potential low within 3 ticks? By using simple range extensions from the previous key range. The 1207.90 level is the 50% extension from the previous key range, which spans from 1222 to 1250.30.
Great move, and I hope you got a piece of the action!
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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