FX.co ★ Trading tips for gold

Gold shook last Friday after the release of a record-breaking US inflation report.

It rose by 5,000 pips, opening an opportunity for further price increase.

So, considering that there is a three-wave (ABC) pattern, where wave A represents the buying pressure last Friday, traders can open long positions from current prices up to the 61.8% and 50% retracement level. Set stop loss 1828, and take profit on the breakdown of 1878 and 2075.

This trading idea is based on the Price Action and Stop Hunting methods.

Good luck and have a nice day!