FX.co ★ Trading idea for gold

Gold traded downwards yesterday, after demand for the US dollar increased rather sharply.

That being said, entering short positions is very ideal today, the strategy for which is the following:

Since the quotes formed a wave pattern (ABC), where wave A is the bearish initiative observed yesterday, traders can set up sell transactions in order to set off a 50% retracement from 1730-1733. The limit should be placed at 1738, and then take profit as soon as gold hits 1719.

This plan is under the Price Action and Stop Hunting methods.

Good luck!