Gold prices came close to the yearly low last week, but could not break it.
After the start of the conflict in the Middle East, it opened with a price gap, providing excellent opportunities for short positions.
The second target could be the level of 1613.
Short positions can be taken in two ways:
The first one relies on a breakdown, which could end the current correction and accumulate short positions from the pullback.
The second one awaits the test of the level hit last September 29.
In both cases, limit the risks at the peak levels.
The trading ideas follow the framework of the "Price Action" and "Stop Hunt" methods. Good luck in trading and don't forget to control the risks! Have a nice day.
