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02.12.202012:52 Analisi di revisione Forex: Trading idea for gold

Exchange Rates 02.12.2020 analysis

An interesting event took place on gold yesterday. Trades have triggered a bullish absorption, which is one of the strongest reversal signals in the Price Action system and candlestick analysis.

Exchange Rates 02.12.2020 analysis

Such a scenario suggests that sellers are now in a classic trap and are forced to hide risks at 1818:

Exchange Rates 02.12.2020 analysis

Taking this into account, the best strategy right now is to increase the price, which can be done by following this plan:

Exchange Rates 02.12.2020 analysis

Since the quotes have formed three wave structures (ABC), in which wave "A" is yesterday's absorption at D1, long positions should be opened at 61.8% and 50% Fibonacci retracement levels.

But if you want to sell gold, do it only after the quote falsely breaks out of 1818.

This follows the classic Price Action and Stop Hunting strategies.

Good luck!

*La presente analisi del mercato ha un carattere esclusivamente informativo e non rappresenta una guida per l`effettuazione di una transazione.

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Analista del: Andrey Shevchenko
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