FX.co ★ Trading tips for gold

After forming an absorption pattern in the daily (D1) chart, gold quotes bounced back to an area that is good for long positions.

Since there is a three-wave pattern (ABC), where wave "A" represents the buying pressure last Friday, traders can enter the market by taking long positions up to retracement levels. Set stop loss at 1618, then exit the market on the breakdown of 1683.

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.