Tuesday, March 7, 2023
Gold bounced back after growing quite actively at the end of last year. It closed with an absorption last week, increasing the possibility of a rise to $2000.
On the 4-hour chart, prices declined ahead of Powell's speech, opening good levels for long positions.
Now that there is already a three-wave (ABC) pattern in which wave "A" represents the bullish pressure last week, traders can enter the market by buying from the 50% retracement level, with stop-loss set at 1803. Exit by taking profit upon breakdown of 2000.
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.
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