For Traders

Analytical Reviews

Technical analysis

14.07.202112:21 Forex Analysis & Reviews: Trading idea for gold

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Gold soared on Tuesday, thanks to the latest data on US inflation. The increase in the indicator was much higher than expected, so demand for the yellow metal jumped very sharply.

To be more specific, gold came close to last week's high, creating a very profitable scenario around 1817.

If you did not buy gold yesterday from a 50% retracement, then you can open a transaction after a false breakout at 1817.

This is because a three-wave pattern (ABC) is expected to develop in the market, where wave "A" represents the selling pressure after the false breakout of 1817.

So, investors should keep short positions until the breakdown of 1788.

This idea follows the Price Action and Stop Hunting methods.

Good luck!

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.