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Forex Analysis:::2023-03-08T01:20:59

Trading tips for gold

Trading tips for gold

Gold bounced back after growing quite actively at the end of last year. It closed with an absorption last week, increasing the possibility of a rise to $2000.

Trading tips for gold

On the 4-hour chart, prices declined ahead of Powell's speech, opening good levels for long positions.

Trading tips for gold

Now that there is already a three-wave (ABC) pattern in which wave "A" represents the bullish pressure last week, traders can enter the market by buying from the 50% retracement level, with stop-loss set at 1803. Exit by taking profit upon breakdown of 2000.

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.

Analyst InstaForex
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