FX.co ★ Trading idea for gold

As expected, gold traded upwards last Friday, and the only thing left now is a break above 1740.

But for those who did not manage to open long positions in the market, you can still do so by following this:

Since gold formed a wave pattern (ABC), in which wave A is the upward movement observed last Friday, traders can open long positions, the aim of which is to set off a 50% retracement from 1717. Place limit at 1705, and then take profit as soon as the price reaches 1741.

Of course, traders must monitor the risks to avoid losing money. Trading is very precarious, but profitable as long as you use the correct approach.

The plan above follows the classic Price Action and Stop Hunting methods.

Good luck!