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10.12.202012:28 Forex Analysis & Reviews: Trading idea for gold

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As you've probably already seen in many analytical reviews, most analysts recommend buying gold, and this generally looks logical amid the current global crisis. However, we must remember that we are traders not investors, and we need to make money in both short and medium terms and it is not important in which direction. Today, there is such an opportunity.

Since the beginning of this week, gold has been trading rather interestingly, having a very clear lower limit at 1822.

We can use this level to pull the price down and gain profit.

So, since the quotes have formed three wave patterns (ABC) where wave A is yesterday's short initiative, we can work for a 50% retracement, from 1845 to 1821.

Such a transaction has a 1: 1 risk / profit ratio, and will be relevant until the quote breaks out of 1866.

Of course, you still need to be careful since this financial market is very precarious. But, it will give plenty of profit provided that you use the right approach.

Good luck!

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