FX.co ★ Trading tips for gold

Disappointing data on the US labor market came out on Friday, so dollar weakened significantly

As a result, gold rose by over 5,000 pips in just a day.

Since recent price movements form a three-wave pattern (ABC), where wave A represents bullish pressure, traders should enter the market by buying according to the scheme presented above. Stop loss could be placed at 1.21500, then exit the market on the breakdown of 1.20500.

To limit losses, pay attention to intraday signals on lower timeframes.

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

Good luck and have a nice day! Don't forget to control the risks.