FX.co ★ Tips for trading gold

Good day, traders! Just ahead is the release of the Fed's latest decision on monetary policy, followed by a press conference.

The situation in gold is interesting because, over the past month, it accumulated a massive amount of buyer liquidity at the level of 1968.

Considering that there is a three-wave pattern (ABC), where wave A represents the downward momentum observed in mid-April, traders could sell up to the 38.2% and 50% retracement levels, with stop loss set at 2047. Take profit upon the breakdown of 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.