FX.co ★ Trading tips for gold

Gold prices fell after the latest inflation report in the US indicated another increase in the figure.

To those who did not have time to sell the metal, there is still a chance to do so as prices are likely to decline further.

The previous movements have formed a three-wave pattern (ABC), where wave A represents the selling pressure yesterday. Traders may take this as basis when entering the market, selling up to the 61.8% and 50% retracement levels. Stop loss could be set at 17300, then exit the market on the breakdown of 1688 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.