empty
 
 
20.12.2021 02:04 PM
Trading tips for gold

This image is no longer relevant

Gold surprisingly rallied after the Fed's press conference on Wednesday. Then, it pulled back without breaking through 1815.

This situation allows traders who have been working for a fall in the last four weeks to hide their risks beyond 1815. This trap is likely to slam during the volatile pre-New Year time.

This means that we should abandon short positions, at least until a false breakdown of 1815. We may also work for an increase, following this scheme:

This image is no longer relevant

Since there is a three-wave pattern (ABC) where wave A is the buying pressure observed in the past days, traders can take long positions from 1790 and 1783 up to the 50%-61.8% retracement levels.

Set stop loss at 1764 and take profit on breakdown of 1815

This trading idea is based on Price Action and Stop Hunting strategies.

Good luck and have a nice 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