FX.co ★ Trading tips for gold

After several days of falling, which was caused by strong statistics on the US labor market, gold found support at the level of 1660. Most likely, there will be a breakout as ahead are the protocols of the Compulsory Health Insurance Fund and data on inflation.

Seeing that there is a three-wave pattern (ABC), where wave A represents yesterday's bearish pressure, traders could enter the market by selling from current prices up to the 50% retracement level. Stop loss can be set at 1683, then take profit on the breakdown of 1658.

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.