16.01.2024 11:11 AMGold fell into a correction, following the strong bullish momentum at the end of last week. Market players can take advantage of this situation to open long positions in gold.
Looking at the three-wave pattern (ABC) where wave A represents last week's upward momentum, traders could open long positions up to the 50% retracement level. Set stop loss at 2012 and take profit on the breakout of 2063 and 2087.
The trading plan followed the framework of the "Price Action" and "Stop Hunting" strategies.
Good luck in trading and don't forget to control the risks! Have a nice day.
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*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
