FX.co ★ Trading tips for gold

The key event for today is the release of data on US inflation.

Traders can work for a price increase in gold by following this strategy.

Since there is a three-wave (ABC) pattern, where wave A represents the buying pressure yesterday, traders can open long positions from current prices up to the 50% retracement level.

Set stop loss 1840, and take profit on the breakdown of 1852 and 2075.

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

Good luck and have a nice day!