empty
 
 
01.03.2023 12:18 PM
Trading tips for gold

This image is no longer relevant

Following the rapid rise in prices at the end of last year, gold pulled back exactly at the 61.8% retracement level. This opens the way for a jump to the 2020 and 2022 highs at $2000.

This image is no longer relevant

Gold shot up sharply during the US session. This sentiment could continue as long as traders follow this strategy.

This image is no longer relevant

As there is a three-wave (ABC) pattern, in which wave A represents the bullish pressure yesterday, traders can enter the market by buying from the 61.8% and 50% retracement levels. Set stop-loss at 1804, and then exit by taking-profit upon the breakdown of 1847 and 2074.

The trading idea is based on the "Price Action" and "Stop hunting" methods.

Good luck and have a nice day! Don't forget to control the risks.

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 $6000 more!
    In December we raffle $6000 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