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28.07.2023 01:59 PM
Gold hit a two-week low after the release of strong US statistics yesterday. This created a good opportunity for medium-term investments in gold, all within the framework of a larger three-wave (ABC) pattern.
Taking into account the three-wave (ABC) pattern, in which wave A represents the upward momentum seen at the beginning of July, market players could open long positions up to the 50% retracement level, as shown in the picture above.
A strong bullish trend may emerge after a breakdown.
Considering this and aim for a price increase towards new highs at 1987.
The plan came from the framework of the Price Action and Stop Hunting methods.
Good luck in trading and don't forget to control the risks! Have a nice day.
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*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
