FX.co ★ Tips for trading gold

Following the release of the US NFP report, gold rolled back in price, trading in the direction of the breakdown last July 7. Market players could take this opportunity to open long positions, with target set at 1938.

Considering the three-wave pattern in the metal, where wave A represents Friday's upward momentum, traders could buy gold from the breakdown, with stop-loss set at 1902. Take profit upon the breakout of 1938.

The trading idea came from the "Price Action" and "Stop Hunting" methods.

Good luck in trading and don't forget to control the risks! Have a nice day.