GOLD – BUY – 4th June 2020

GOLD – BUY – 4th June 2020 (Closed)

Good evening team,

The JPY pairs are extremely stretched and we see potential reversals in the market over the coming days.

The USDJPY has created an ascending wedge formation at a key resistance zone meaning we may see a move lower. Gold and the USDJPY generally speaking have an inverse correlation.

This suggests we may see an uptick in gold prices if investors turn risk off and move towards the safe havens.

Gold has reached a key resistance zone.

Gold 4 hour charts

Trade Setup: BUY Market execution, current price 1700, stop loss 1687 and take profit target 1727

Stop loss: 130 pips

Take profit: 270 pips

Trade Setup
BUY - Market Execution

Entry
1700

Take Profit
1727

Stop Loss
1687