FX.co ★ Tips for trading gold

Good day, traders! Gold saw another decline on Monday, when quotes dropped due to pressure during the US session. Most likely, a breakout is due on the market, which may make traders either lose or gain profit.

For now, considering that there is a three-wave pattern (ABC), where wave A represents the downward movement yesterday, traders could open short positions up to the 50% and 61.8% retracement levels, with stop-loss set at 2000. Take profit upon the breakdown of 1973 and 1968.

Avoid long positions, especially with stop-loss beyond 1973 and 1968.

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.