US data released yesterday pushed demand for dollar up.
As a result, gold prices declined, once again nearing buyers' stops at 1812.
Given that there is a three-wave pattern (ABC), where wave A represents the selling pressure yesterday, investors can sell from current prices up to the 61.8% and 50% retracement levels. Set stop loss at 1840 and take profit on the breakdown of 1800.
This strategy is based on the Price Action and Stop Hunting methods.
Good luck and have a nice day!
