FX.co ★ Trading idea for gold

Gold hit new all-time highs yesterday and closed at 1756. But today, the price declined without reaching the mirror level of 1760, where many sell stops are set.

Taking this into account, bullish traders can do the following in order to induce another increase in gold:

Open long positions from the current prices, and then set target profit at 1760. Place buy limit at 1738.

But be aware though that a false breakout occurred around this level yesterday.

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

Good luck!