FX.co ★ Trading tips for gold

The trading plan presented last June 16 talked about a decrease in gold prices.

That came true today after wave C began to form in the daily chart, in the form of an absorption.

Given that there is a three-wave (ABC) pattern, where wave A represents the selling pressure in the market, traders can open short positions from current prices up to the 50% retracement level. Set stop loss at 1873 and take profit on the breakdown of 1809, 1777 and 1675.

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

Good luck and have a nice day!