Currently: Short Looking to: Cover @ 1,405
As of 8/11/2019 as of 10:22pm EST: 1,507.55
LAST WEEK: We suggested shorting gold at 1,498.90 with stops on a monthly close above 1,505 and with a target of 1,331.30.
UPDATE: Gold futures have made it to and through the monthly closing resistance at 1,498.90 1,505. If the breakout holds, the next target is 1,563.10. If resistance holds, the downside target for the next pullback will be 1,331.30. If resistance is broken and 1,563.10 is tested, the downside target becomes 1,405.30. We would look to cover shorts at 1,406 from here. New shorts can be tried here but honor stops on a monthly close above 1,505. try shorts (small positions only) at current levels with stops on a close above 1,564 and with a downside target of 1,405.30.
No new longs in gold until at least 1,405.30