Currently: Short Looking to: Cover @ 1,836.50
As of 9/18/20 close: 1,962.10
LAST WEEK: We suggested selling longs / getting short at 1,963 with stops on a close above 1,971.50 and with a target for covering at 1,936.50.
UPDATE: Gold drifted a little higher than we thought it might last week. However, we still are sticking with our short-term call for a decline. We are raising the resistance for gold to 1,976, though. We would short gold between current levels up to 1,975 with stops honored on a close above 1,976 and with a target for covering at 1,836. We would try to get long of gold on an extended drop to 1,798 with stops on a close below 1,790 and with an upside target of 2,100.