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21.09.202112:19 Forex Analysis & Reviews: Trading idea for gold

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Recent price movements in gold opened good levels for stop orders. And if the price bounces back by half of yesterday's growth, all while not updating the peaks hit last Friday and Monday, then sellers can set their stop orders at 1,767.

And considering that there is a three-wave pattern (ABC), where wave A represents the buying pressure observed yesterday, investors can take long positions up to 50% and 61.8% retracement levels (from 1,757-1,754). Set stop loss at 1,747 and take profit on the breakdown of 1,767.

This analysis is based on Price Action and Stop Hunting strategies.

Good luck and have a nice day!

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