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24.03.202110:32 Forex Analysis & Reviews: Trading idea for gold

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Gold traded downwards yesterday, after demand for the US dollar increased rather sharply.

That being said, entering short positions is very ideal today, the strategy for which is the following:

Since the quotes formed a wave pattern (ABC), where wave A is the bearish initiative observed yesterday, traders can set up sell transactions in order to set off a 50% retracement from 1730-1733. The limit should be placed at 1738, and then take profit as soon as gold hits 1719.

This plan is under the Price Action and Stop Hunting methods.

Good luck!

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