FX.co ★ Tips for trading gold

Dollar fell on Friday amid mixed labor market data from the US. Accordingly, a strong bullish momentum emerged in gold, resulting in a correction and a price test.

Considering the three-wave (ABC) pattern where wave "A" represents the upward movement seen last Friday, market players can take buy positions up to the 50% retracement level. Place stop-loss at 1925 and take-profit on the breakout of 1946.

This plan came from the framework of the Price Action and Stop Hunting strategies.

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