FX.co ★ Trading idea for gold

The decisions of the Fed led to a strong decline in the dollar and accordingly, a huge increase in gold. In fact, the yellow metal soared so much that it ended the bearish trend in the market.

Bullish traders can take this opportunity to open long positions and set off another price hike.

They can start buying at the current prices to see a 50% rollback from 1776. Stop loss can be placed at 1768, while profit can be taken when the quote hits 1790 or 1800. Such will complete the 3-wave pattern that has developed, where wave A represents the buying pressure that manifested yesterday.

This idea follows the classic Price Action and Stop Hunting strategies.

Good luck!