empty
 
 
02.08.2021 11:20 AM
Trading idea for gold

This image is no longer relevant

Gold rallied on Thursday and Friday amid statements from the Fed and latest data on US GDP.

To be more specific, there was a deep correction in the market, which formed a very interesting level for trading.

This image is no longer relevant

Using Stop Hunting strategy, investors could take this opportunity to push prices even higher.

This image is no longer relevant

So, considering that gold has a three-wave pattern (ABC) where wave A represents the buying pressure last week, long positions could be built up in the market to provoke a 50% pull back from the current prices. Set stop loss at 1798, and then take profit on the breakdown of 1833.

(This idea uses both Price Action and Stop Hunting strategies)

Good luck and have a nice trading day!

Andrey Shevchenko,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $5000 more!
    In November we raffle $5000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback