1. June gold continues to decline after completing the previous $1307 upside profit target (recent swing high, $1309.20).
2. Any further decline to and daily close above $1282 into Monday, May 19 (+/-1 day) will prompt new long entry for a tradable multi-day (or longer) advance.
3. Should June gold be unable to test $1282 as noted above, any hourly or especially daily close above $1298 by Monday, May 19 (+/-1 day) will prompt new long entry in June gold for a further test/attempt at $1309 or higher. Keep this in mind. Will update as market confirms.
1. Today’s June gold declined into the $1282 buying territory noted in our Friday, May 16 update (today’s session low, $1282.90).
2. June gold reversed off $1282 and closed the session at $1292, which is the stronger position as noted in the report.
3. Initial long position exit should be taken at/near $1296 (this is a smaller than usual profit target due to the recent compressed range). Higher profit targets will be messaged in a subsequent update. Significantly higher prices remain possible.
4. Aggressive self-directed traders long from at/near $1282 should exit a portion of their position at current prices ($1292.50).
5. Initial protective sell stop should be placed at $1281. This stop will be moved higher as the market continues to confirm.
1. We remain long June gold from the Wednesday May 21 daily close at $1292 (or lower), noted in previous updates.
2. Initial long position exits were taken at/near the $1296 upside target noted in the previous update (today’s session high, $1304.10, so far.
3. Further long position exit should be taken at/near $1307, if reached. Final long position exit will be messaged in a subsequent update.
4. Our protective sell stop has been raised to $1288. This stop will continued to be moved higher as the market confirms. Will update.
1. Today’s June gold declined and triggered our recently adjusted $1288 protective sell stop. This resulted in an approximate breakeven on the entire trade (long from $1292, initial exit at $1296, stop at $1288).
2. Longer-term we remain bullish on gold. Will message any further entry or indication as the market confirms.