FX.co ★ Trading idea for gold

Based on gold's trading plan on August 27, the instrument has worked out the first part of the plan to increase and is currently developing the second part, that is, to decline.

Previous trading plan from August 27:

The current situation opens up a potential for 16.75 based on yesterday's short activity.

It can be noted that there is a three-wave structure "A-B-C", where yesterday's short initiative acts as wave A. It is recommended to consider short positions from 61.8-50% Fibo retracement from 1807-1812 levels according to the scheme shown on the chart above.

Risks are limited to 1824. The profit should be fixed at the breakdown of 1675.

The trading idea is presented within the framework of the "Price Action" and "Stop Hunting" methods.