23.10.202012:13 Forex Analysis & Reviews: Trading idea for gold

Exchange Rates 23.10.2020 analysis

Although yesterday, gold closed a level lower than we expected, our bullish trading idea for the medium-term is not canceled. The target profit remains at the price level of 1933.

Exchange Rates 23.10.2020 analysis

In that regard, we could still follow the direction of our earlier technique:

Exchange Rates 23.10.2020 analysis

As we can see on the chart, the quotes have formed an ABC pattern, in which "A" is the impulse recorded yesterday during the US session.

Therefore, from the current prices, long positions may still be set up to 1933. However, it would be inadvisable if the quote moves down 1894.

The risk/reward ratio of such a transaction is 1.5 to 1.

Good luck!

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Andrey Shevchenko,
Analytical expert
InstaForex Group © 2007-2020
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