Gold Analysis 13/10/2020
Updated
We have been ranging since London session yesterday with very little volume. We have three options for gold volume permitting.
If we break above the range we have been stuck in, we can look for a potential wickfill which would be 30 pips, however that is a risky move. Safer buys would be if we break resistance at 1933. We have clean traffic to the left and we can look to fill the range up to 1940.
For those looking to sell, if we break support at the bottom of the range at 1920, we have a clean range to fill to the downside, potential targets can be between 1912-1914.
As always wait for confirmations before you execute your trades and trade with caution.
If we break above the range we have been stuck in, we can look for a potential wickfill which would be 30 pips, however that is a risky move. Safer buys would be if we break resistance at 1933. We have clean traffic to the left and we can look to fill the range up to 1940.
For those looking to sell, if we break support at the bottom of the range at 1920, we have a clean range to fill to the downside, potential targets can be between 1912-1914.
As always wait for confirmations before you execute your trades and trade with caution.
Trade closed: target reached
target smashed, close runners now at 130 pips
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