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Gold prices consolidate in apex formation pending big movement
Gold prices has been consolidating in an apex formation since a month ago. Usually, an apex is formed prior to a big movement. It could be a back up action from the structure formed during Feb-Apr 2020. So a bullish continuation for Gold is likely once it breaks out from the apex formation.
On the short timeframe in H1, Gold has tested the supply line of the apex and I am looking for a weak rally up to test the supply zone as annotated in the chart. A rejection from the supply zone could represent a short entry for a quick swing trade to the downside, as demonstrated in the strategy video below based on identifying the supply and demand zone for swing trading:
Below are the key parameters for Gold potential long setup for trading session on 11 May 2020, with a potential reward to risk ratio of 3.6.
Entry: short limit order at 1712
Stop loss: 1718
Take profit: 1690
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Disclaimer: The information in this presentation is solely for educational purpose and should not be taken as investment advice.
