FX.co ★ Trading tips for gold

Higher-than-expected GDP growth in the US drove demand for dollar up, resulting in a correction in other assets, such as gold. Since the metal is yet to work out all its target levels, market players should consider taking short positions.

At the time of writing, there is a three-wave (ABC) pattern in gold, in which wave A represents the bearish pressure from yesterday. Players could enter the market by selling from the 50% retracement level, with stop-loss set at 1948. Exit the market by taking-profit upon the breakdown of 1916.

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.