Currently: Cash Looking to: Buy @ 1,701.80
As of 2/26/21 close: 1,728.80
LAST WEEK: We suggested shorting gold at 1,819.30 with stops on a close above 1,824.60 and ith a covering target of 1,722.50. Longs were suggested at 1,701.80 with stops below 1,695 and with a target of 2,100.
UPDATE: Gold futures tested the first of two possible Fibonacci extension support levels at 1,722.50 on Friday. The next level below comes in at 1,701.80. Shorts should have been covered by now. We now would be looking to get long at 1,701.80 if we get an extended dip. Stops on longs should be honored on a close below 1,695 and the upside target initially will be 1,772. We will be expecting a re-test of whatever low is set on the current sell-off. It will be on that re-test that longer-term bullish positions can be initiated with targets in the 2,100 range.