XAUUSD 1H - Update on Short position

FX:XAUUSD   Gold Spot / U.S. Dollar
Brief update on Gold . We have a short position running from yesterday. We're expecting this to pullback to at least the 1820-23 level where we will take 70% of this position of the table and move the stop to entry.

After yesterdays move in Gold there are a couple of scenarios here that could play out.

Scenario 1:

We come down towards the 1823-20 level, the price finds support and we resume the move from yesterday targeting the 1840-50 price points.

Scenario 2:

If the price comes down towards the 1823-20 level and breaks through it then we would be looking for this to come back down to where this move started around the 1805 mark.

Its the last trading day of the month so expect some volatility during and after the US session as traders will want to come out of positions for month end.

As always, trade safe.

Trade active: 70% taken and stop to entry
Trade closed: target reached: We're still holding 30% of this trade with the stop at entry price.

🟡 Disclaimer: Not financial advice. For educational purposes only.