FX.co ★ Tips for trading gold

The week ended with a pin bar in the bullish trend. This may continue up to this week.

A three-wave pattern with a good 50% retracement could be seen in the H4 timeframe. This could be used to open long positions, aiming for a further price increase in gold.

Considering the three-wave pattern (ABC), where wave A represents last week's upward momentum, traders could buy gold with risks limited at 1925. Take profit upon the breakdown of 1985.

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!