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12.10.2023 11:46 AM
Tips for trading gold

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Gold saw significant gains ahead of today's release of US inflation and jobless claims data. It made a false break above the September high, which could be used to open short positions.

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Looking at the chart, a three-wave pattern (ABC) formed, where the wave "A" represents the downward momentum from September. This means that traders could open short positions after the false break above 1880. Set rake-profit upon the breakdown of 1803 and 1613.

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The trading idea follows 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.

Andrey Shevchenko,
Analytical expert of InstaForex
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