Gold bounced off from its monthly lows yesterday and formed a double top on the daily chart.
To continue this bullish trend in the market, it is best to trade long positions, following Elliott Wave theory included in the scheme below:
As of the moment, there are three wave patterns in gold, with which wave "A" is yesterday's long impulse. What we need to work now is a 50% pullback from the current level, as such has a 1:1 ratio for profit. In addition, it follows the classic and trusted Price Action and Stop Hunting strategies. However, of course, we should not forget to control the risks in order to avoid reducing or losing profit.
Best of luck to us!
The material has been provided by InstaForex Company - www.instaforex.com