Currently: Cash Looking to: Buy here
As of 11/27/20 close: 1,788.10
LAST WEEK: We suggested shorting at 1,882.50 with stops honored on a close above 1,885 and with a target for covering at 1,820.20.
UPDATE: Gold futures sliced through our first support at 1,820.20 and quickly tumbled to our ultimate target of 1,768 1,770 all within 24 hours. If our overall bullish thesis on gold is to hold true, we should now see a major rally commence in the yellow metal.
Shorts should have been covered once 1,820 was tested. We would now get long of gold near Fridays close down to 1,770 with stops on a daily close below 1,765 and would look to hold for a significant run up to 2,100.