To date, gold has declined by 15,000 pips, which clearly fits into a five-wave structure:
And today, during the Asian session, the quote underwent a strong pullback (almost 4,000 pips), immediately after reaching last week's low.
Taking this into account, it would be best to work for an increase, following the strategy below:
Since the quotes have already formed a three-wave structure (ABC), where wave A is today's long initiative, long positions may be opened from 1826 and 1822, or the 61.8% and 50% retracement levels. The target levels, meanwhile, are 1840 and 1863.
Of course, risks are needed to be monitored to avoid losing money. Trading is very precarious, but also profitable if the approach used is correct.
The strategy above uses Price Action and Stop Hunting methods.
Good luck!
