FX.co ★ Trading idea for gold

Gold closed with a bullish pin bar yesterday.

It appeared right after a false breakout at 1721, which closed a number of buy stops in the H4 chart.

The event also formed an ABC structure in the market, which suggests that a further increase should take place in gold.

Therefore, traders can open more long positions, the targets of which can be 1755, 1760 or higher. Set limit at 1721.

Of course, risks should be monitored to avoid losing money. Trading is very precarious, but profitable as long as the strategy used is correct.

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

Good luck!