For Traders

Analytical Reviews

Trading plan

01.03.202312:18 Forex Analysis & Reviews: Trading tips 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.

Following the rapid rise in prices at the end of last year, gold pulled back exactly at the 61.8% retracement level. This opens the way for a jump to the 2020 and 2022 highs at $2000.

Gold shot up sharply during the US session. This sentiment could continue as long as traders follow this strategy.

As there is a three-wave (ABC) pattern, in which wave A represents the bullish pressure yesterday, traders can enter the market by buying from the 61.8% and 50% retracement levels. Set stop-loss at 1804, and then exit by taking-profit upon the breakdown of 1847 and 2074.

The trading idea is based on the "Price Action" and "Stop hunting" methods.

Good luck and have a nice day! Don't forget to control the risks.

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.