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TRADE SETUP ALERT 28/08/2020

GOLD (XAUUSD) Setup

Gold is reaching the end of a large consolidation with possible breakouts to either side possible. However with the battle lines drawn, the price action would be very clear as to which side to position yourselves. Key levels to watch are the diagonal resistance @ 1950 and also diagonal support @ 1920. Any significant candle closes above either could trigger the breakout. Long targets include the Monthly R1 Pivot @ 2050 followed by infinity and beyond. Whereas short targets include the Monthly S1 Pivot @ 1825 followed by 1750. For long trades consider placing a stop below the Monthly pivot @ 1900 whereas for short trades consider placing stops above resistance @ 1950.