Two events happened after a rather long sell-off in gold. First is the start of purchases, which may lead to a strong correction in prices.
And since previous movements form a three-wave pattern (ABC), where wave A represents bullish pressure, traders can enter the market by buying up to the 50% retracement level, with stop loss at 1631. Exit the market on the breakdown of 1657 and 1688.
The second event is the sell stop orders left by market makers, which can be used as basis when entering the market using "Stop Hunting" strategy.
In this case, the potential price movement is more than 4,000 pips.
The trading ideas are based on the "Price Action" and "Stop Hunting" methods.
Good luck and have a nice day! Don't forget to control the risks.
Relevance up to 10:00 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
