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28.11.2022 10:00 AM
Trading tips for gold

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Following a sharp rise in gold quotes last week, a double bottom was formed this morning, which indicates that buyers could place their stop orders at 1745.

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Considering this, as well as the three-wave pattern (ABC) in which wave A represents the bearish pressure seen during today's Asian session, traders should enter the market by selling from current prices up to the 50% retracement level. Set stop loss at 1756, then exit the market on the breakdown of 1745 and 1614.

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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.

Andrey Shevchenko,
Analytical expert of InstaForex
© 2007-2024
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