Good day, traders!
Gold quotes began rising after a prolonged bearish momentum a week before. There was a test of the level at which there was a breakdown, so there is a chance that a brief correction or a reversal will occur. A rather strong buyer liquidity also remains in the market.
Now, there is a three-wave pattern (ABC), in which wave A represents the bearish pressure last week. Traders can enter the market by opening short positions from current prices up to the 38.2% retracement level. Set stop loss at 2011, and then exit by taking profit upon the breakdown of 1968.
This trading idea is based on the "Price Action" and "Stop Hunting" methods.
Good luck and don't forget to control the risks! Have a nice day.
