FX.co ★ Do not buy gold before this level!

Good afternoon, dear traders! Let us take a look at the trading idea for gold.

Gold prices have been dropping for the fourth consecutive session. This is putting pressure on buyers' stop levels that could be below the level of 1,807.50.

Traders may follow one of two possible scenarios.

1.Sell after a rebound with the target at 1,808.50.

2. Do not open buy positions until a false break of 1,808.50.

Whatever plan you choose, it is better to take a close look at the break of the level of 1,807.50. In case of a real break, profit from short positions will significantly advance. At the same time, it will be better not to open long positions. This trade idea is based on such methods as Price Action and Stop Hunting.