empty
05.06.2023 09:24 AM
Tips for trading gold

This image is no longer relevant

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:

This image is no longer relevant

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!

Andrey Shevchenko,
Analytical expert of InstaForex
© 2007-2025
Summary
Urgency
Analytic
Andrey Shevchenko
Start trade
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

How to Trade GBP/USD on September 22? Simple Tips and Trade Analysis for Beginners

The GBP/USD pair continued its downward movement on Friday, even though a rise in the pound would have been more logical. Let's recall that on Friday morning, the UK released

Paolo Greco 07:49 2025-09-22 UTC+2

How to Trade EUR/USD on September 22? Simple Tips and Trade Analysis for Beginners

The EUR/USD currency pair continued its downward movement on Friday and may break through the ascending trend line as early as today. The euro has been falling for three consecutive

Paolo Greco 07:45 2025-09-22 UTC+2

Trade Recommendations and Trade Analysis for GBP/USD on September 22nd

The GBP/USD currency pair continued its downward movement on Thursday and Friday, having earlier broken through the ascending trend line. From a technical perspective, the decline of the British pound

Paolo Greco 07:24 2025-09-22 UTC+2

Trading Recommendations and Trade Review for EUR/USD on September 22nd

On Friday, the EUR/USD currency pair continued its decline, which it was "not at fault" for and did not deserve. Recall that the ECB meeting could reasonably be considered "conditionally

Paolo Greco 07:17 2025-09-22 UTC+2

How to Trade the GBP/USD Pair on September 19? Simple Tips and Trade Analysis for Beginners

Thursday Trade Review: 1H Chart of GBP/USD The GBP/USD pair exhibited movements on Thursday similar to those of EUR/USD—or rather, it would be more accurate to say that EUR/USD mirrored

Paolo Greco 06:47 2025-09-19 UTC+2

How to Trade the EUR/USD Pair on September 19? Simple Tips and Trade Analysis for Beginners

Thursday Trade Review: 1H Chart of EUR/USD On Thursday, the EUR/USD pair continued its downward movement after Wednesday evening, though we consider this move to lack logic. If you think

Paolo Greco 06:47 2025-09-19 UTC+2

How to Trade the GBP/USD Pair on September 18? Simple Tips and Trade Analysis for Beginners

Wednesday Trade Review: 1H Chart of GBP/USD The GBP/USD pair on Wednesday showed movements similar to those of the EUR/USD pair. In the morning, the U.K. released an important inflation

Paolo Greco 06:54 2025-09-18 UTC+2

How to Trade the EUR/USD Pair on September 18? Simple Tips and Trade Analysis for Beginners

Wednesday Trade Review: 1H Chart of EUR/USD The EUR/USD pair traded on Wednesday fully in line with the fundamental background. For almost the entire day, market movements were ultra-weak

Paolo Greco 06:54 2025-09-18 UTC+2

Trading Recommendations and Trade Analysis for EUR/USD on September 18: The U.S. Economy Continues to Slow Down

The EUR/USD currency pair maintained its upward bias throughout the day, right up until the Fed meeting. Trading showed extremely low volatility, as no one in the market wanted

Paolo Greco 04:15 2025-09-18 UTC+2

Trading Recommendations and Trade Analysis for GBP/USD on September 18: Inflation Didn't Spoil the Picture

On Wednesday, the GBP/USD currency pair also continued its upward movement until late in the evening. The pound sterling continues to rise steadily and confidently, with all necessary factors supporting

Paolo Greco 04:15 2025-09-18 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.