Laogong or Pericardium 8 is in the center of the palm, between the 2nd and 3rd metacarpal bones, closer to the 3rd metacarpal bone. 
When a fist is made, the point is where the tip of the middle finger touches.
Taoist practitioners and other energy healers who use Qigong emission (external qi therapy) techniques to amplify and balance another person’s Qi frequently use this point from which to emit energy. This point has a direct connection with Kidney 1. Any change at Kidney 1, for example a weight shift, has an immediate and direct reflection on Laogong. In Qigong practices, these four points must connect to Dantien at the lower abdomen for the Qi of the entire body to be integrated.
This point must be open and hollow for Qi to spread into the hand and fingers, and to the entire upper body. It is extremely important point to release pent-up heat in the heart and the head. Laogong is excellent in calming the spirit and resolving exhaustion and fatigue.
HOW TO ACTIVATE LAO GONG
To massage your own Lao Gong, simply rest one hand, palm up, then use the other hand’s thumb to locate and press Laogong. Apply moderate pressure, with your thumb, moving it in tiny circles, as you place your mental focus gently upon the point. Again, two or three minutes will be sufficient.
The sequence of massaging is left Yongquan, left Laogong, right Laogong, then right Yongquan, to make a full circle. It’s best to use this technique before bed, however, it can be used anytime of the day. One full week of self-massaging these four points will renew your vitality tremendously.