Market volatility surged amid conflicting data on the US labor market. This caused gold to update weekly lows, which, in the case of a false breakout, will open up potential for price growth.
Considering the three-wave pattern in the metal, where wave A represents Wednesday's upward momentum, traders could buy gold from current prices, with stop-loss set at 1892. Take profit upon the breakout of 1939.
The trading idea came from the "Price Action" and "Stop Hunting" methods.
Good luck in trading and don't forget to control the risks! Have a nice day.
