FX.co ★ Trading idea for gold

Yesterday was a busy day. First, there were data on US GDP and jobless claims, both of which were below forecasts.

The second news came from Jackson Hole, which resulted in the gold daily candle closing with a bullish pin bar. Because of this, spot gold traded at 1833 and indicated a potential continuation of the upward trend.

This suggests that long positions should be limited to at least a false breakout of 1833. Then, after that, traders can target 1672.

This strategy follows the Price Action and Stop Hunting methods.

Good luck and have a nice day!