Gold: $1.252 For A Closing Basis As the New Stop For Shorts

 | Sep 16, 2014 01:26AM ET

Short positions are intact as the June low @ 1240 (now turned into resistance) was clearly broken last Friday. I would use $1.252 on a closing basis as the new stop for shorts. Gold bears wish for a test of the yearly lows @ 1180.

Gold December 2014 futures, daily chart: