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Gold hit new all-time highs yesterday and closed at 1756. But today, the price declined without reaching the mirror level of 1760, where many sell stops are set.

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Taking this into account, bullish traders can do the following in order to induce another increase in gold:

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Open long positions from the current prices, and then set target profit at 1760. Place buy limit at 1738.

But be aware though that a false breakout occurred around this level yesterday.

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The plan above follows the classic and trusted Price Action and Stop Hunting strategies.

Good luck!

The material has been provided by InstaForex Company – www.instaforex.com

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