22.10.202010:29 Forex Analysis & Reviews: Trading idea for gold

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Gold went through a bullish momentum yesterday, mainly due to the depreciation of the US dollar amid news that the US may get another stimulus package worth $ 2 trillion.

Now, gold has a chance to increase up to 1932, and this can be done by opening long positions in the market.

In fact, the quotes have already formed an ABC pattern on the daily chart, in which "A" is the bullish impulse recorded yesterday.

So, from the current prices, long positions may be set up to 1932. However, it would be inadvisable if the quote moves down 1905.

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

Good luck!

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