FX.co ★ Trading idea for gold

Last week, we gave a trading recommendation to set up short positions in gold in order to decrease its rate in the market.

Yesterday, amid a fairly strong volatility in the market, the quotes finally managed to break the target level, collapsing by almost 4,000 pips.

Development:

Gold was able to break the level of 1850 amid the unexpectedly strong news on US PMI:

Such gave rather good profit to gold bears, so, a huge congratulations to those who followed this simple trading strategy!

(Price Action and Stop Hunting were used for the approach)