Currently: Short Looking to: Cover @ $1,253
As of 5/17/19 close: $1,277.35
LAST WEEK: We suggested covering shorts at $1,253 and getting long down at $1,245.90. We suggested shorting bounces to $1,296 ahead of the rest of the downside.
UPDATE: Gold continues to work lower despite ST bounces. Technically, we see gold dropping to either 1253 or 1245 and then rallying. However, we must note that 1261.30 and 1238.80 are also possible support.
Look to cover shorts starting at 1254 and get long of gold at 1245. Add longs down to 1238.80, but honor stops on a close below 1237. The upside target for the next move is 1400.