FX.co ★ Tips for trading gold

Following a strong bullish momentum last week, gold prices corrected, creating excellent opportunities for finding long positions.

Considering the three-wave pattern (ABC), where wave A represents last week's price increase, traders could buy gold with a 50% and 38.2% retracement based on the Fibonacci levels. Limit the risks at 1925, and then take profit upon the breakdown of 1972 and 1984.

The trading idea came from the framework of the "Price Action" and "Hunt for Stops" strategies.

Good luck in trading and in managing the risks. Have a great day ahead!