11.02.202110:26 Forex Analysis & Reviews: Technical analysis of GOLD for February 11, 2021

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.

Hello, dear traders! Here is my trading recommendation on gold.

Yesterday, the greenback strengthened at the end of the North American session after the release of the inflation report in the United States.

At the same time, buyers are now trapped above the 1831 level after a three-day gold rally.

Thus, we have a tree-wave structure - ABC. In this case, Wave A indicates yesterday's bearish activity during the North American session.

One should consider entering short after a pullback form 1844 - the 50% Fibo retracement level.

A Stop Loss and a Take Profit should be placed at 1854 and 1831.

The trading recommendation is based on the strategies Price Action and Stop Hunting.

Have a nice trading day!

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.