FX.co ★ Tips for trading gold

Recent reports say Israel will postpone its ground operation in the Gaza Strip indefinitely. As a result, gold prices decreased, since traders started to close long positions.

Looking at the three-wave pattern (ABC) where wave A represents today's downward movement, traders could consider short positions, with stop-loss set at 1987 and 1996. Take profit upon the breakdown of 1953 and 1804.

The trading idea follows 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.