Gold has slowed its decline and is currently consolidating between 1688 and 1723.
And because of this, sellers are trapped at 1723.
In this situation, traders can proceed as follows:
1. Don't sell with a stop above this level, or
2. Buy from a 61.8-50% Fibo retracement, as shown in the screenshot above.
Place limit to 22.6% Fibonacci, and then take profit as soon as the quote breaks through 1723.
These strategies follow the classic Price Action and Stop Hunting methods.
Good luck!
