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Gold prices jump ahead of initial jobless claims
While investors are waiting for the initial jobless claims data later, Gold prices rose 0.4% during the London session. 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, as shown in the video below:
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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Disclaimer: The information in this presentation is solely for educational purpose and should not be taken as investment advice.
