Currently: Cash Looking to: Buy here; sell @ 2,087
As of 1/8/21 close: 1,849
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 tumbled hard last week after a nice run higher in previous weeks. The downside took prices below support in the early afternoon on Friday. However, the late afternoon trading brought prices back up towards 1,850. We would say that gold has some ST trouble ahead if 1,835 is violated on a close (5pm EST) any day. Above that is still bullish. We are buyers here with stops on a close below 1,835 and with a target of 2,085.