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10.07.2023 12:45 PM
Following the release of the latest employment data in the US last Friday, dollar demand dipped, which led to a rise in gold prices. However, the sellers' stops remain the same, creating a trap for bearish traders.
At the time of writing, gold pulled back, providing buyers with favorable prices for forming long position.
Considering the three-wave pattern in the metal, where wave A represents Friday's upward momentum, traders could buy gold from current prices up to the level of 1912. Set stop-loss at 1902, and then take profit upon the breakout of 1936-1938.
The trading idea came from the "Price Action" and "Stop Hunting" methods.
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.
