GOLD – SELL – 21st May 2020

GOLD – SELL – 21st May 2020 (Closed)

Good evening guys,

This gold setup looks pretty exciting. Gold is in a huge bull run, so in the longer term I am expecting higher gold prices, however technically it looks like a nice setup for a sell position.

USD has been hammered over the past week supporting higher gold prices. The USD may need to push higher after being oversold suggesting we may also see a pull back on gold in the short term.

Technical Analysis

Daily Charts

This looks to be a text book set up seen back in September 2019. Rising wedge with a bearish divergence.

We are now looking to enter a sell position.

Trade setup: SELL Market Execution, current price 1737 stop loss 1762 and take profit target 1680.00

Stop loss: 250 pips

Take profit: 570 pips

MT4 CODE: XAUUSD

Please use the CFD cheat sheet if you have not traded gold before.

Trade Setup
SELL - Market Execution

Entry
1737

Take Profit
1680.

Stop Loss
1762