The rally in the gold market brought the quotes near the prices of mid-October and, in particular, to the important level of 1734. It also held the round level of 1700, trapping buyers.
With the current scenario, it is best for investors to take short positions after the breakdown of 1734. This will keep profit on the breakdown of 1700. The potential price movement is 4,000 pips.
If quotes turn down, the target level will become 1700 and below.
In the event that the breakdown of 1700 is false, gold will rise by about 4,500 pips.
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.
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