Gold prices prepare to jump ahead of nonfarm payrolls [Video]

Ming Jong Tey Independent Analyst

Gold prices inched up 0.2% during the London session while investors are waiting for Nonfarm Payrolls data later. On the daily chart, Gold (XAUUSD) had a strong up day yesterday, which could be a signal to challenge the higher levels.

On H1 timeframe, I am looking for a pullback to the demand zone formed yesterday as a test, as highlighted in yellow circle. A reversal from this demand zone could form a long entry for a swing trade to the upside. The strategy is based on identifying the supply and demand zone for swing trading as shown below:

Below are the key parameters for Gold potential long setup for trading session on 8 May 2020, with a potential reward to risk ratio of 3.6.

Entry: long limit order at 1700

Stop loss: 1691

Take profit: 1733

XAUUSD — potential trade setup for short term swing trading

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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