Currently: Short Looking to: Cover @ 1,405
As of 8/16/2019 close: 1,523.80
LAST WEEK: We suggested shorting gold at last weeks levels with stops below 1,505 on a monthly close and with a target of 1,405.30.
UPDATE: Gold is trading bullishly above monthly resistance at 1498.90. If the breakout holds, the next target will be 1,563.10 with a pullback to 1,405 to follow. If the breakout fails, we would anticipate a pullback towards 1,331.30. We would be willing to try small short positions in gold at current levels with stops on a close above 1,564 and with a downside target of 1,405.30.