FX.co ★ Trading idea for GOLD. Plan

Good day, dear traders! Here is a trading idea for GOLD.

We gave a trading idea for pulling down gold quotes according to the following scheme:

But gold did not turn around from the specified zone, leaving the first targets untouched with huge potential. In this regard, we offer a new trading idea for lowering gold quotes according to the following scheme:

Gold has currently broken through the resistance level at the quote of 1688. This happened on high volatility after we received disappointing US PMI data. We recommend taking a closer look at the set of short positions and strengthening them when a false breakout of the 1688 level appears.

The first target for consolidating short positions can be a double daily bottom at the level of 1658.

The second level of profit-taking will be the low of the current year at the quote of 1615.

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

Good luck in trading and control the risks!