09.05.202315:58 Forex Analysis & Reviews: Tips for trading gold

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Good day, traders!

Following a massive volatility last week, which led to gold updating the 20 and 22-year peaks, a correction was seen in the market ahead of the release of a key inflation report from the US.

As there is a three-wave pattern (ABC), where wave A represents the downward movement observed last week, investors could consider selling the yellow metal up to the 61.8% and 50% retracement levels. Set stop loss at 2058, and then take profit upon the breakdown of 1968.

This 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.

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