GOLD – BUY STOP – 8th May 2020

GOLD – BUY STOP – 8th May 2020 (Closed)

Good afternoon guys,

Leading into the NFP tonight we may see gold prices break a key technical pattern.

With the FED continuing their non-stop money printing we could see USD weakness and strength pushing into gold.

Gold prices are very high approaching 2012 levels therefore we do want to be careful buying at these highs, use correct risk management.

GOLD Technical Analysis

Trade Setup: BUY STOP – Entry price 1727, stop loss 1710, take profit 1755.

Stop loss: 170 pips

Take profit: 280 pips

That is going to be us set for the day! Have a great weekend

With this position, if it has not reached the TP before the market close look to do a manual close rather than hold over the weekend. The spreads on gold get blown up on a Monday market open. 

Trade Setup
BUY STOP

Entry
1727

Take Profit
1755

Stop Loss
1710