Gold - potential test of demand zone as a launch pad
On the daily chart, Gold (XAUUSD) has tested the support level near 1680 to prepare for up swing to higher levels at 1750 or higher.
On H1 timeframe, a test and bounce from the demand zone formed by the big spread demand bar as highlighted can form a long entry for a swing trade to the upside.
Below are the key parameters for Gold potential long setup for trading session on 7 May 2020, with a potential reward to risk ratio of 2.6.
On H1 timeframe, a test and bounce from the demand zone formed by the big spread demand bar as highlighted can form a long entry for a swing trade to the upside.
Below are the key parameters for Gold potential long setup for trading session on 7 May 2020, with a potential reward to risk ratio of 2.6.
- Entry: long limit order at 1678
- Stop loss: 1667
- Take profit: 1705
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