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07.05.202008:25 Forex Analysis & Reviews: Gold forms Elliott Wave

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Good afternoon traders! Here is a trading idea for gold.

APD published yesterday its preliminary data on US unemployment, the content of which came out in the framework of forecasts:

The report pushed the US dollar to rally all afternoon, closing with an "absorption" on the daily chart:

A short-term initiative was observed during the US session, from which we can continue shorting the pair within the classic ABC structure:

The idea will be relevant as long as the market is trading below yesterday's levels. Choose the best prices for entering the market, and pay special attention to the US session.

After a break of yesterday's low, positions can be moved to breakeven and take profits at 1670 and 1640.

Good luck in trading and control the risks!

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