FX.co ★ Trading tips for gold

With gold bouncing back quite sharply, 1748 became a strong support level, which buyers will most likely choose as their stop order level.

Considering this, as well as the three-wave pattern (ABC) where wave A represents the bearish pressure seen today, traders should enter the market by selling up to the 50% and 61.8% retracement levels. Set stop loss at 1760, then exit the market on the breakdown of 1748. The next target level should be 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.