FX.co ★ Trading tips for gold

Gold rallied yesterday after traders bought the dip when the US reported another increase in inflation for April.

Now, it is trading at the lower limit of the channel, which is a good sign for further purchases in the market.

$2075, the yearly high last 2020 and 2022, is a good target price, according to the "stop hunting" strategy.

Thus, while prices are at the 50% retracement level, traders should take long positions, with target profit at $2075. The potential movement for this is more than 20,000 pips. Do so until the price breaks out at 1835.

This trading idea is based on the Price Action and Stop Hunting strategies.

Good luck and have a nice day!