Gold Short Trade for New Year Profit

Gold Short Trade for New Year Profit

With stock markets around the world on a somewhat new year surge, from a correlation point of view we thought we’d short Gold, added to this the recent weakness in the US Dollar supported a growth in the price of gold, however a new year strengthening of the dollar after a discussion of tax cuts and further interest rate hikes meant the surge in gold prices was a temporary phase.

The markets will also be waiting for Friday’s Non- Farm Payroll results which could go either way for the Dollar and could prove turbulent for gold

We went with a quick trade for a healthy £317.00 profit, a good result as we wanted to be in and out before further change in the market news.

Gold

(Our trading and image was done using an account with UK based broker IG)

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*Please Note, Binary Options and Forex trading can carry a high level of risk to your capital as you could lose all of your investment. These products may not be suitable for every investor, therefore ensure you understand the risks and seek independent advice. Invest only what you can afford to lose. We are NOT financial advisers and we do NOT offer financial advice. 

 




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