This trade will most likely take between 7 and 18 days, and depends on various market sentiments.
-What is the progress with the vaccine? Does the claim from Gilead Sciences , regarding their tests, hold weight?
-What are the economies doing? What is the probability there will be a significant reopening of the worlds economies (specifically EU, UK and US)?
As economies reopen, liquidity will flood back into the equity markets. Where will investors get this capital from? They will have to liquidate positions in gold and the increased selling pressure from that will create a downward move in the price of gold (both spot and ). As gold drops in price, the 'herd' mentality will kick in and retail traders will jump on the trend, further increasing the selling pressure.
By trading the key levels, you can predict where there will be large price moves and momentum as this is where you will see the large institutions ( IB , MF, PE and HF, etc) entering positions. By trading with the institutions, small investors and traders, be them professional or retail, dramatically increase their chances of success and improve their win rate and reward:risk.
This could easily reverse and take gold to an 8 year high; this is possible as the coronavirus is still getting worse with more cases and deaths every day, so use proper risk management.
-What if Trump announces a lockdown?
-What if the vaccine from Gilead Sciences fails approval and further tests fail?
-What's happening to the price of Crude oil? How will depressed prices affect the global economy? What are the potential consequences of a collapse in the oil market?