I Go Short While Gold is Charmingly Shining
Gold prices have surged by an impressive 12.0% since the beginning of March, marking a significant uptrend. This rapid ascent mirrors the movement witnessed during the February-March 2022 period when Russia's invasion of Ukraine propelled gold prices by 15.0% within six weeks. Such steep increases are often followed by corrections, as seen when prices retreated from $2070 per ounce to $1890—an 8.0% decline—within a month back then.
Given the current overbought conditions with gold trading at $2300 per ounce, there are compelling indicators suggesting a potential reversal. Consequently, I am considering a short position, anticipating a correction in gold prices. I plan to enter the market at $2190-2210, targeting a return to this range. To manage risk, I will set a stop-loss at $2400 to limit potential losses in case of adverse price movements.
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