FX.co ★ Trading idea for gold

Gold has slowed its decline and is currently consolidating between 1688 and 1723.

And because of this, sellers are trapped at 1723.

In this situation, traders can proceed as follows:

1. Don't sell with a stop above this level, or

2. Buy from a 61.8-50% Fibo retracement, as shown in the screenshot above.

Place limit to 22.6% Fibonacci, and then take profit as soon as the quote breaks through 1723.

These strategies follow the classic Price Action and Stop Hunting methods.

Good luck!