AlirezaEta

XAU/USD Channel prediction

Long
FX:XAUUSD   Gold Spot / U.S. Dollar
Looking at both time frames, XAUUSD looking as though it is respecting the support and resistance lines, however i have a feeling it will increase first to retest the resistance than plummet to the 1400s again. Market volatility is high due to the Coronavirus Pandemic, however this looks to be a safe option for us.

looking to initial long until 1690 then after confirmation of the resistance line being respected shorting the position to 1488.00
total pips in held for full duration = 15,000+