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05.06.2023 09:24 AM
Gold dipped after the US released mixed data on the labor market. Currently, the metal trades at last week's lows, but has not broken the long-term support level from May 30. This means that traders could buy with low risk according to this scheme:
Having a three-wave pattern (ABC), where wave A represents last week's bullish momentum, traders could open long positions with a 21.6% retracement based on the Fibonacci levels, as shown in the chart above. Limit the risks at 1931 and then take profit upon the breakdown of 1984.
The trading idea came from the framework of the "Price Action" and "Hunt for Stops" strategies.
Good luck in trading and manage your risks. Have a great day ahead!
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