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Gold prices prepare for the spike on Trump’s China tariff threat
Gold futures has been consolidating between 1665–1788. The daily support level between 1672–1690 could act as a springboard for the Gold to spike up as the Trump’s tariff threat against China is looming again.
On the H1 timeframe, Gold could lean on the bearish momentum since yesterday, such as to show rejection from the supply zone or the resistance level for a down move to spring the support level around 1672 before starting the rally. Check out the video below on identifying support and resistance levels for trading.
Below are the potential long setup for Gold futures for trading session on 1 May 2020, with a potential reward to risk ratio of 1.4.
Entry: short limit order at 1698
Stop loss: 1712
Take profit: 1676
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Disclaimer: The information in this presentation is solely for educational purpose and should not be taken as investment advice.
