Currently: Cash Looking to: Short @ 1,900
As of 1/17/21 @ 8:05pm EST: 1,818.50
LAST WEEK: We suggested buying gold at 1,889.10 or 1,873 with stops below 1,887 or 1,870, respectively. The upside target for selling longs was 1,957 (ST) or 2,100 (LT).
UPDATE: Gold futures closed 1/8 below the stop-loss trigger of 1,853.70 and remained under pressure all of last week. Gold tested possible support at 1,807.30 and has started to bounce a bit. We anticipate this bounce taking gold up to either 1,862 or 1,900.
We would look to sell longs and get short of gold on a bounce to 1,900 with stops on a close above 1,907 and with a target for covering at 1,770.