FX.co ★ Trading idea for gold

Gold has been under pressure over the past couple of weeks. And today it continued to trade under the psychological level of $ 1800, which is important for bullish traders.

There are two potential scenarios after a breakout in this level.

First is a true breakdown and a decline to $ 1675, while the second scenario is a false breakout and an increase to $1833.

If gold also breaks through $1833, price is likely to turn around and drop to $ 1675.

All this is according to the Price Action and Stop Hunting strategies.

Good luck and have a nice day!