25.02.202113:07 Forex Analysis & Reviews: Trading idea for gold

Exchange Rates 25.02.2021 analysis

Gold has been trading slightly above the November low for several days already, which suggests that it is time for the market to turn around and start moving upwards.

Exchange Rates 25.02.2021 analysis

In fact, the previous bearish movements have created good buy levels in the hourly chart (H1).

Exchange Rates 25.02.2021 analysis

Hence, since the quotes have formed a wave pattern (ABC), where wave A is the bullish initiative observed yesterday, traders can open buy positions from 1794, the target of which is a 50% retracement. Place limit at 1785, and then take profit as soon as the price breaks through 1815.

Of course, traders still need to be careful to avoid losing money. Trading in this financial market is precarious, but profitable if the approach used is correct.

The idea above is under Price Action and Stop Hunting methods.

Good luck!

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Andrey Shevchenko,
Analytical expert
InstaForex Group © 2007-2021
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