Today is an important day for traders. In the evening, data on US employment will be released, and this could significantly affect markets.
In the gold market, quotes have rolled back from yearly lows, which means that traders could bet on a price decline and follow this plan:
Since price movements form a three-wave pattern (ABC), where wave A represents the bearish pressure, traders could enter the market by selling according to the scheme presented above. Stop loss could be placed at 1668, then exit the market on the breakdown of 1614.
To limit losses, pay attention to intraday signals on lower timeframes.
This trading idea is based on the “Price Action” and “Stop Hunting” methods.
Good luck and have a nice day! Don’t forget to control the risks.
The material has been provided by InstaForex Company – www.instaforex.com