FX.co ★ Trading tips for gold

Another breakdown occurred in gold during the US session. This can be used as a basis for forming long positions, especially since seller liquidity appears to be concentrated in certain places.

Looking at this situation, market players could consider long positions from the pullback up to the breakdown area. Set stop loss in 2012 and 2008, then take profit upon the breakout of 2024, 2038, and 2062.

The trading plan 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.