FX.co ★ Trading idea for gold

Despite the fall during the Asian and European sessions, traders still bought gold during the US session, thereby returning the hope for growth. This is not the first time that such a scenario happened, therefore, longs could be opened, but it should be according to the strategy presented below:

So, since the quotes have formed a three-wave pattern (ABC), where wave "A" is the impulse last Friday, traders could open long positions from the 50% or 61.8% retracement levels.

Then, the main target for the transaction is 1963.

But if the quote breaks below 1840, cancel the deal.

This follows the "Price Action" and "Stop Hunting" methods.

Of course, traders have to monitor risks to avoid losing profit. Trading is very precarious, but is profitable as long as the correct approach is used.

Good luck!