Short Term Trading Idea – Gold

Buy Gold $1726.90. Stop at $1722 and profit target at 1753.

From the low of $1693.65, price may be moving in a 5-move structure. We have seen the first price movement from the low of $1693 to $1726.80. The second price movement is pullback from $1726.80 to $1710.15. We saw the third price movement rallied to a high of $1743.70.

Price could be making the 4th movement and should not go below $1726. If price can stay above $1722, we should see a final push higher to either $1747.55 or to $1753.25

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