FX.co ★ Trading tips for gold

Gold rose last week after the Federal Reserve announced its decision on interest rates and the US released its data on jobless claims. Since then, a support area was formed, but today the price broke through Friday's and Monday's lows. This opens the opportunity to place new purchases in the market.

Given that there is a three-wave (ABC) pattern, where wave A represents the buying pressure last June 15-16, traders can open long positions from current prices and set stop loss at 1824. Take profit on the breakdown of 1857 and 2075

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

Good luck and have a nice day!