Gold has been ranging between key level 1 and 3 from August 12 2020. Below is my thoughts of how we can trade this instrument with low risk.
1. Global trend for the instrument is still bullish. Key areas are key level 1 and 2. If the price clearly breaks either of these levels it will be a clear indication of the completed range zone and a buy order with low predictable risk may be successful.
2. While the price is still in the range rectangle, clear price rejection at key levels 1 and 2 will give a short term short position opportunity with low predictable risk.