FX.co ★ Trading tips for gold

The trading plan for gold indicated a decrease in prices. This really happened yesterday; however, the quote did not reach the target level of 1675. But if there is a rebound, another set of short positions can be taken in the market.

Considering that previous movements form a three-wave (ABC) pattern, where wave A represents the selling pressure on Tuesday, traders can enter the market by selling up to the 50% and 61.8% retracement levels. Place stop loss at 1727, then exit the market on the breakdown of 1687 and 1675.

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

Good luck and have a nice day! Don't forget to control the risks!