Good afternoon traders! Here are trading ideas for gold.
For the past five days, gold has been constantly trading just above the round level of 1800., But using technical analysis, we can see that a very interesting trap for the bulls is emerging, which we can use to get profit.
Yesterday, a false breakout occurred, which is a signal for an accumulating liquidity for a movement downward.
Here are two scenarios that could happen, in accordance of the Stop Hunting strategy:
Scenario 1:
Scenario 2:
Scenario 2 will happen if the first one fails to materialize. It has huge potential for profit.
Meanwhile, today, data on inflation in the US will come out, which could have a significant effect on the forex market.
Thus, be careful when trading and remember to control the risks. Good luck!