Gold futures possible back up action to start a rally up [Video]

Ming Jong Tey Independent Analyst

Gold futures (GC) had a reaction to the previous support area around 1691–1700. This could be a back up action prior to start a rally to test the the next resistance level at 1800. Below is a potential trade setup for Gold futures.

Instrument: Gold futures (GC)

Entry: limit order at < 1691

Stop loss: 1676

Take profit:1722

Reward to risk ratio: 2

Gold futures — Potential trade setup

The strategy is based on identifying the day trading’s support & resistance and the key levels such as the day high/low, non-RTH high/low, axis line, swing high/low, etc…as shown in the video below.

Author

Ming Jong Tey

Independent Analyst

Ming Jong Tey has been trading since 2008. He started his learning journey from technical analysis (indicators, Fibonacci, etc...) to value investing. Throughout his journey, he develops an interest in price action with chart pattern trading.

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