13.10.202113:04 Forex Analysis & Reviews: Trading idea 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.

Gold has been in a flat for almost two weeks. To exit, there should be:

1. Technical breakdown of the trend (see the screen below).

2. Weak US NFP report

3. US inflation report

4. Pressure around $ 1787 and $ 1833.

There are currently three wave patterns (ABC) in gold, and wave A is the movement seen two weeks earlier.

Now, there is a third wave forming and it is directed to the first target - $1,787.

This means that traders should refrain from taking short positions, otherwise, there will be huge losses.

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

Good luck and 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.