Gold's Most Important Levels Before The Weekend

In this analysis I will go over Gold's most important levels right now and show you a potential trade set-up.

The first and most important thing that I want to highlight is the location of the price currently with regards to its distance to horizontal levels.

We can see that the price is far away from the nearest very strong support zone, but also not very close to the resistance zone level I.

The means that we cannot possibly enter a trade with a good risk-reward. Please be patient and don't enter a trade right now. Wait for the price to get closer to a horizontal level first.

Seeing as gold is trending bullish I would suggest to wait for the price to get close to the horizontal resistance zone and get ready for a short trade there. There is quite a chance on a reversal seeing that gold reversed from bullish to bearish the last three times it hit the zone around $1,970.

The horizontal support zone at the bottom seems the be extremely strong, so I wouldn't trade any short position beyond the $1,900 level. You should probably take profit slightly above the zone at around $1,915.

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Disclaimer!
This post does not provide financial advice. It is for educational purposes only!