Currently: Long Looking to: Sell @ 1,800
As of 5/15/20 close: 1,753.15
LAST WEEK: We suggested buying near $1700 with stops on a close < $1685 and with a target for selling at $1,800. We suggested shorts at $1850.
UPDATE: Gold futures rose this week as the global currency devaluation trade seems to be on. Both gold and silver are rallying as part of this macro trade dynamic. We project gold will reach 1800 1850 on this move and then pull back to 1680 or so.
We would look to sell longs at 1800 and then short up at 1850 with stops on a close above 1860 and would use 1700 as the covering target. We stay away from new longs in gold until the next dip to 1680 -1700 plays out.