Dear traders, here is the general outlook for gold on 20th May.
Looking at the charts, it seems like the past few days was a correction for the precious metal. Prices made a high at 1765 and then retraced to 1725 before the bulls started to gain control again. For this trade, we are expecting another bullish impulse back to the resistance at 1765.
I will be trading this as i see it, if candle closes above resistance at 1751.5, I will look for opportunities to long.
If prices were to drop and close below daily support 1746, i will then look for opportunities to short.
Overall i feel that bulls are still in control because of the coronavirus situation, and bears will only come into play when US economy officially reopens.
Looking at the charts, it seems like the past few days was a correction for the precious metal. Prices made a high at 1765 and then retraced to 1725 before the bulls started to gain control again. For this trade, we are expecting another bullish impulse back to the resistance at 1765.
I will be trading this as i see it, if candle closes above resistance at 1751.5, I will look for opportunities to long.
If prices were to drop and close below daily support 1746, i will then look for opportunities to short.
Overall i feel that bulls are still in control because of the coronavirus situation, and bears will only come into play when US economy officially reopens.
Trade active:
1746.5
Trade closed manually:
Close manually at a profit of 15pips earlier