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07.06.2021 12:54 PM
Trading idea for gold

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Since signals in the H4 chart are pointing to a further decline, investors can continue the trading idea presented last June 4, which was to open short positions.

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But this time, the target is to push gold to $ 1,850.

So, considering that there is a three-wave pattern (ABC) where wave A represents the selling pressure on Friday, investors can open short positions on lower time frames. And like before, stop loss should be set to $ 1,900, and then take profit on the breakdown of $ 1,850.

This plan follows the framework of both Price Action and Stop Hunting methods.

Good luck and have a nice trading day!

Andrey Shevchenko,
Analytical expert of InstaForex
© 2007-2024
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