Near Term Trend: Neutral / Bearish
As of 10/20/17 close: 1,281.80
Last week, I suggested selling longs and getting short at 1,315 with stops on a close above 1,317 and a target of 1,216.
Gold tumbled this week as interest rates rose and the US Dollar rallied. Last weeks bounce stopped shy of hitting the 1,315 target. Instead of hitting the 50% retracement line, it stopped at 38.2% retracement at 1,307. The chart points lower.
I would be looking to sell bounces to 1,296 with stops above 1,297 and with a target of 1,211.