John J Hardy
Saxo Bank’s head of FX strategy John Hardy takes a closer look at trends and moves in today’s forex charts, including EURUSD, USDJPY, AUDUSD, and EURSEK.
Short term
Trade view / 26 February 2018 at 3:06 GMT

MM Global Macro Book: Tactical short Spot Gold – #SaxoStrats

Global Macro Strategist / Saxo Bank Group - Singapore Hub
Instrument: XAUUSD
Price target: 1301
Market price: 1334

Predominantly based off of technicals, yet also combination of gold's inability to rally during recent risk-off and upcoming Powell congressional testimony - not to mention the March 21 Federal Reserve meeting.

I fins myself seeking outright short exposure - missed the $1350-1360/oz recent spike and we'd look to add on some more short exposure

We are short from $1329/oz, targeting 1301, for 150 bp.... the 1400 stop is soft. We are looking to build up this short position further as we get closer to the March 21 Federal meeting. May be better to think of this as a percentage net asset value  trade

Management and risk description
Around 150bp 


Entry: 1329
Stop: Around 1400 soft-stop... more used for working exposure, as looking to build up short exposure at higher levels May be better to think of this position as a %NAV
Target: 1301
Time horizon: The next four weeks

Gold five-year chart
 Source: Bloomberg

— Edited by Adam Courtenay

Non-independent investment research disclaimer applies. Read more
A compiled overview of Trade Views provided on is found here
AlexF AlexF
looks like we are getting back to 1350-1360


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