FX.co ★ Trading tips for gold

After the release of fairly strong data on US employment, gold fell sharply in price, giving rise to a good impulse.

This can be used as a reference when trading in the market.

Considering that recent price movements formed a three-wave (ABC) pattern, where wave A represents the bearish pressure last Friday, traders can enter the market by selling up to the 50% retracement level, with stop loss at 1788. Exit the market on the breakdown of 1753.

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

Good luck and have a nice day!