Bears continue to put pressure on gold and EUR/USD. In fact, this morning, euro hit a new low, while gold remains on the monthly low.
Traders can take this situation as an opportunity to take new short positions.
Considering that there is a three-wave pattern (ABC) in gold, where wave A represents the selling pressure yesterday, traders can sell up to the 50% retracement level of the current price level. Set stop loss at 1910, and take profit on the breakdown of 1890.
This idea is based on the Price Action and Stop Hunting strategies.
Good luck and have a nice day!
