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Gold futures possible spike up to react on jobless claims
Gold futures (GC) have been trading in a range between 1665–1788. Upon releasing the US jobless claims data later, we could possibly see Gold to spike up to react on the data.
This could provide great trading opportunities for professionals to initiate short position once it gets rejected from the supply zone or resistance area. Check out the video below on identify support and resistance levels for futures day trading:
The resistance area between 1732–1741, coincides with the supply zone from 27 Apr 2020, could attract sellers come in to initiate short positions.
Below are the potential long setup for Gold futures for trading session on 30 Apr 2020, with a potential reward to risk ratio of 1.9.
Entry: short limit order at 1741
Stop loss: 1758
Take profit: 1708
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Disclaimer: The information in this presentation is solely for educational purpose and should not be taken as investment advice.
