ICmarkets
Short

Update on short trade call from 1239.6...

FX:XAUUSD   Gold / US-Dollar
183 1 7
For those who read Thursday’s report on the yellow metal you may recall our team highlighting a short position we took from 1239.6, with a stop logged in at 1245.4. As you can see, the trade worked out beautifully, despite quite severe drawdown. We have taken 70% off the table at the H4 demand area at 1227.6-1230.5 and reduced risk to breakeven. Our next port of call will be February’s opening base at 1211.5, followed by the daily support area at 1197.4-1187.7. Well done to any of our readers who also jumped on board this trade!

Our suggestions: For those traders who missed this recent short opportunity, there could be a second chance to get in on any retest seen to the underside of the recently broken H4 demand as supply. However, caution is advised since we have yet to clear the daily support area coming in at 1197.4-1187.7. For us personally, we’re happy with our current position at the moment and will not look to pyramid here.
Good call indeed.
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