The bearish trend in gold ended, as a strong upward movement occurred in the market last Friday. Most likely, a new trend will emerge after a significant pullback and a bullish break at the opening of trading this Monday.
Considering the three-wave pattern (ABC), where wave A represents Friday's upward momentum, traders could buy gold with a 50% retracement based on the Fibonacci levels. Limit risks at 1917, and then take profit upon the breakdown of 1939 and 1985.
The trading idea came from the framework of the "Price Action" and "Hunt for Stops" strategies.
Good luck in trading and in managing the risks. Have a great day ahead!
