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07.06.202112:54 Forex Analysis & Reviews: Trading idea for gold

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Exchange Rates 07.06.2021 analysis

Since signals in the H4 chart are pointing to a further decline, investors can continue the trading idea presented last June 4, which was to open short positions.

Exchange Rates 07.06.2021 analysis

But this time, the target is to push gold to $ 1,850.

So, considering that there is a three-wave pattern (ABC) where wave A represents the selling pressure on Friday, investors can open short positions on lower time frames. And like before, stop loss should be set to $ 1,900, and then take profit on the breakdown of $ 1,850.

This plan follows the framework of both Price Action and Stop Hunting methods.

Good luck and have a nice trading day!

Andrey Shevchenko
Analytical expert of InstaForex
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