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Gold prices undergo supply absorption at the support levels
On the daily chart, Gold futures tested the support area between 1670–1700 and are in progress of supply absorption while settling down the volatility before starting a rally up.
A pullback into the demand zone formed in H1 charts, as marked in orange circles can present a good long entry, according to the trading strategy video on identifying support and demand zone for swing trading as shown below:
Below are the key parameters for Gold futures potential long setup for trading session on 5 May 2020, with a potential reward to risk ratio of 2.4.
Entry: long limit order at 1696
Stop loss: 1684
Take profit: 1726
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Disclaimer: The information in this presentation is solely for educational purpose and should not be taken as investment advice.
