FX.co ★ GOLD: reversal impending. Trading plan on April 29, 2022

Hello, dear traders! Here is my trading plan for gold.

So, after a prolonged bear run, gold retraced up from the daily pin bar yesterday. The asset has been on the rise today, trading above the psychological level of $1,900.

According to my plan, the precious metal may go above $2,075:

Notably, the price went up from the 50% retracement level. The asset's growth potential for today is about 20,000 pips.

If you have not bought gold yet, you can do it as follows:

Thus, we have a tree-wave structure – ABC. In this case, Wave A indicates yesterday's bullish activity. You may consider going long after a bounce from levels $1,900 and $1,894, in line with 61.8% and 50% Fibo retracement levels respectively. Orders Stop Loss and Take Profit should be placed at $1,870 and $2,075 respectively. The trading recommendation is based on strategies Price Action and Stop Hunting.

Have a nice trading day!