Following a sharp rise in gold quotes last week, a double bottom was formed this morning, which indicates that buyers could place their stop orders at 1745.
Considering this, as well as the three-wave pattern (ABC) in which wave A represents the bearish pressure seen during today's Asian session, traders should enter the market by selling from current prices up to the 50% retracement level. Set stop loss at 1756, then exit the market on the breakdown of 1745 and 1614.
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.
