FX.co ★ Trading idea for gold and silver

Gold is still trading below $ 1800. This ultimately creates pressure on the support level $ 1675.

Considering this, short positions should be opened right after the breakdown of $ 1675. But for long positions, they should be opened below $ 1,675.

Strong US unemployment data and slightly hawkish statements from the Federal Reserve also pushed silver prices down. Most likely, it will continue to decline to $ 20.

But setting up long positions after a false breakout will form the third upward wave, which will complete the three-wave pattern (ABC) in silver.

This follows both Price Action and Stop Hunting strategies.

Good luck!