- Smack the Markets
Gold Intraday Trade Long
The Russian invasion of Ukraine has resulted in some choppy and changeable market conditions this week. In general we've seen strong prices in commodities and in particular Gold which is probably one of the biggest risk off havens. However even the trend on Gold has seen some sizable price swings.
We took a long position on Gold off the 60 minute time frame after a price retracement looking for a move higher.
A couple of hours later Gold rallied moving strongly past multiple target levels, after passing T4 (400% return on risk) we closed out to book profits expecting price to again retrace.
After we closed positions the price of Gold did retrace and whist we left a bit of additional upside on the table, Gold eventually retraced back passed our original stop location.