23.01.202408:58 Forex Analysis & Reviews: Tips for trading 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.

Gold saw a brief correction following the strong upward momentum in the middle of the month. This could signal a continuation of growth in prices.

Looking at the three-wave pattern (ABC) where wave A represents January 17-19's price movements, market players could consider long positions with a 50% retracement according to Fibonacci. Set stop loss at 2016 or 2005, and then take profit upon the breakdown of 2063.

The trading plan follows the framework of the "Price Action" and "Stop Hunting" strategies.

Good luck in trading and don't forget to control the risks! Have a nice 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.