Gold traded downwards yesterday, after demand for the US dollar increased rather sharply.
That being said, entering short positions is very ideal today, the strategy for which is the following:
Since the quotes formed a wave pattern (ABC), where wave A is the bearish initiative observed yesterday, traders can set up sell transactions in order to set off a 50% retracement from 1730-1733. The limit should be placed at 1738, and then take profit as soon as gold hits 1719.
This plan is under the Price Action and Stop Hunting methods.
Good luck!
