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27.08.202110:57 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.

Yesterday was a busy day. First, there were data on US GDP and jobless claims, both of which were below forecasts.

The second news came from Jackson Hole, which resulted in the gold daily candle closing with a bullish pin bar. Because of this, spot gold traded at 1833 and indicated a potential continuation of the upward trend.

Exchange Rates 27.08.2021 analysis

This suggests that long positions should be limited to at least a false breakout of 1833. Then, after that, traders can target 1672.

Exchange Rates 27.08.2021 analysis

This strategy follows the Price Action and Stop Hunting methods.

Good luck and have a nice day!

Andrey Shevchenko
Analytical expert of InstaForex
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