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Gold Futures possible back up action to start a rally up
Gold futures (GC)had a reaction to the previous support area around 1691–1700. This could be a back up action prior to start a rally to test the the next resistance level at 1800. Below is a potential trade setup for Gold futures.
Instrument: Gold futures (GC)
Entry: limit order at < 1691
Stop loss: 1676
Take profit:1722
Reward to risk ratio: 2
The strategy is based on identifying the day trading’s support & resistance and the key levels such as the day high/low, non-RTH high/low, axis line, swing high/low, etc…as shown in the video below.
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Disclaimer: The information in this presentation is solely for educational purpose and should not be taken as investment advice.
