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Gold prices remain weak as investors favors risk appetite — uptrend intact
Gold futures (GC) set to test the support level at 1690 as investors are currently in risk-on mode favoring equities.
On Gold’s daily chart, the supply level is still relatively high after it broke the swing high at 1700. Currently it is consolidating within 1666–1788 trading range. Once the supply has been well-absorbed, Gold futures should ready to challenge its all time high at 1924.
The price action momentum since the bottom formed in March 2020 is still strong. Together with the previous accumulation structure, the chance for Gold to move up is higher. Check out the video below on how to use trend channel to judge the momentum as part of the strategy forming this trade idea.
Below are the potential long setup for Gold futures for trading session on 29 Apr 2020.
Entry: long limit order at 1690
Stop loss: 1653
Take profit: 1789
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Disclaimer: The information in this presentation is solely for educational purpose and should not be taken as investment advice.
