Currently: Short Looking to: Cover @ 1,
As of 2/19/21 close: 1,783.35
LAST WEEK: We suggested shorting gold at 1,838.80 with stops honored on a close above 1,843 and would look to cover those shorts at 1,754.
UPDATE: Gold bounced Friday and could rally a bit longer. But, there definitely appears to be more downside in gold’s future. We are adjusting our downside targets modestly to 1,754, 1,722.50 and 1,701.8. We would look to sell longs / get short in gold on a bounce to 1,819.30 with stops honored on a close above 1,824.60 and would look to cover those shorts at 1,722.50. We would look to get long of gold at 1,701.80 with stops on a close below 1,695 and with an upside target of 2,100.