After a massive price decrease last week, trading became fairly stable in gold, which formed a trap at the level of 1680. This is a good opportunity for buyers to enter the market.
Since recent price movements form a three-wave pattern (ABC) where wave A represents the buying pressure last September 16, investors can enter the market by buying from the current prices up to the 50% and 61.8% retracement levels. Stop loss could be set at 16600, then exit the market on the breakdown of 1680.
This trading idea is based on the "Price Action" and "Stop Hunting" methods.
Good luck and have a nice day! Don't forget to control the risks.
