FX.co ★ Trading tips for gold

A powerful absorption occurred in gold yesterday, primarily due to the latest US inflation report. It ended the bullish scenario projected in the market last month.

Accordingly, the scenario paves the way for a further price decline.

This trading idea is for triggering a downward movement in the gold market.

Given that there is a three-wave (ABC) pattern, where wave A represents the selling pressure yesterday, traders can open short positions from current prices up to the 50% retracement level. Set stop loss 1873, and take profit on the breakdown of 1809, 1777, 1675.

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

Good luck and have a nice day!