FX.co ★ Trading idea for gold before US CPI release

Hi, dear traders! I'd like to suggest a trading idea for gold.

Yesterday during the New York session, gold halted its powerful three-week uptrend at the round level of $1,800. This happened before the publication of the US inflation data for July.

Let's consider a sell idea reckoning that the price will decline according to the following scenario.

In fact, we have got a three-wave ABC layout where yesterday's selling impulse serves as wave A.

I suggest planning short positions from the 50% Fibonacci retracement. A stop loss can be placed at 1,800. I recommend setting a take profit at 1,753.

The trading idea is developed according to the author's methods known as Price Action andHunting for stop orders. Good luck in trading! Make sure you control your risks!