Gold prices have fallen by nearly 3,000 pips over the past few months, and in July tested $ 1675 for 5 times, putting incredible pressure on it. Most likely, this will lead to a breakdown.
The speech of Fed Chairman Jerome Powell at the Jackson Hole symposium today will give impetus to new trends.
The bearish pressure seen in early August can be taken as a reference when finding good price levels to enter the market.
Since recent movements formed a three-wave (ABC) pattern, where wave A represents the selling pressure early this month, traders can enter the market by selling up to the 61.8% - 50% retracement level, with stop loss at 1800. Exit the market on the breakdown of 1675.
This trading idea is based on the "Price Action" and "Stop Hunting" methods.
Good luck and have a nice day!
