FX.co ★ Tips for trading gold

Following yesterday's bearish momentum, gold entered an accumulation phase, while buyer liquidity remains low.

As there is a three-wave (ABC) pattern, where wave "A" represents yesterday's downward movement, the appropriate strategy for gold is to open short positions up to the 50% retracement level. Set stop-loss order at 1984, and then take profit upon the breakdown of 1951.

The presented trading idea comes from the framework of the "Price Action" and "Stop Hunting" methods.

Good luck and have a nice day! Don't forget to control the risks.