Gold Analysis 05/10/2020 -- Important Zone
We are in a very important area with Gold right now. Gold is currently trading in a 80 pip range, trading in the range is not recommended.
If gold breaks resistance, there is a very high chance that we will go long to test the zone at 1932-34, the reason being that this is a key zone on the 30m, 1h, 4h and daily timeframes, and it has been respected for two weeks now with multiple rejections and no breakouts or fakeouts, so the level is very strong.
1) For buys, I would be looking for price to have a clean break of resistance and form a solid support on lower timeframes before riding gold up to 1932, with a potential first target 1927.50.
2) For sells, I would look for a break of the current range to the downside, and resistance to form, and then for a confirmation to execute the trade as the range down isn't as clean as the upside range. A potential final target for sells would be 1887-88
If gold breaks resistance, there is a very high chance that we will go long to test the zone at 1932-34, the reason being that this is a key zone on the 30m, 1h, 4h and daily timeframes, and it has been respected for two weeks now with multiple rejections and no breakouts or fakeouts, so the level is very strong.
1) For buys, I would be looking for price to have a clean break of resistance and form a solid support on lower timeframes before riding gold up to 1932, with a potential first target 1927.50.
2) For sells, I would look for a break of the current range to the downside, and resistance to form, and then for a confirmation to execute the trade as the range down isn't as clean as the upside range. A potential final target for sells would be 1887-88
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