Gold is currently under a correction, following an impressive move from mid-March to after the Fed press conference last week. Most traders are buying around 1,900 during the US session.
The deals take place at the 50% retracement level of the price last February, from which the third bullish wave may arise. If that happens, gold may rally beyond the two-year historical high.
This situation calls for long positions, with stop loss at yesterday's price level.
The potential profit for the first target is 3,000 pips, while for the second is 15,000 pips.
This idea is based on the Price Action and Stop Hunting strategies.
Good luck and have a nice day!
