Currently: Short Looking to: Cover @ 1,836.50
As of 9/11/20 close: 1,947.90
LAST WEEK: We suggested selling longs / getting short on a bounce to 1,956.60 with stops on a close above 1,961 and with a target of 1,797 for covering / buying.
UPDATE: Gold futures finished higher on the week. However, we still expect more downside to play out in the yellow metal in the coming days / weeks – at least until 1,836.50 is tested and likely until 1,798.10 is tested.
We would look to sell / short gold futures at 1,963 with stops honored on a close above 1,971.50 and would look to cover shorts at 1,836.50. We would then look to get long of gold futures at 1,798.10.
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