The gold market was bearish last Friday, perhaps because many long positions were closed due to it being the weekend. But this morning, prices bounced back by 50%, which opens new levels for short positions in the market.
Considering that there is a three-wave pattern (ABC) in which wave A represents the selling pressure in gold, traders should enter the market by taking short positions from the 50% retracement level. Set stop-loss at 1822, then exit upon the breakdown of 1773, 1765 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.
