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14.05.202010:29 Forex Analysis & Reviews: Gold trading idea

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Good afternoon, dear traders, here is a trading idea for gold.

On Wednesday, Jerome Powell warned of a long recession in the United States and that the long-term state of the US economy will depend on additional financial incentives to combat the economic impact of coronavirus.

The scale and speed of this decline are much worse than any recession since the Second World War. We are witnessing a serious decline in economic activity and employment, and the results already achieved over the past decade have been erased. Since restrictions were introduced two months ago, more than 20 million people have lost their jobs.

So, yesterday after Jerome Powell's speech, there was a rise in the price of the gold putting pressure on the upper side of the "golden triangle".

I propose to consider the idea of raising the price of an asset with the first goal of updating the level of 1723.

The idea of an increase will be canceled if the price drops below 1705.

Good luck in trading and control the risks!

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