Good Morning Forex Friends
Daily closing were indicating the reversal candle in chart daily.We are expecting a correction in gold and the next support area is 1191-93 . Short term and minor support is around 1212-13.we will look for buy entry from the support and sell entry from the better price.
Daily Chart Analysis
Current market price is 1224-25 and friday closing was at 1237-38.I am expecting more down movement today and this down movement may end at 1191-95 level.We will look for sell entry today in better price.I mention the next support and buying area in the chart below
Gold 4 Hour Analysis
We can see enough momentum in 4 hour chart to short gold.and the minimum target should be 1199-1201.I believe this is short term correction time and this correction may end around 1199-1201.Please keep in mind trend is bullish and this bullish trend invalidate if gold move below 1191-93 area that was previous resistance become support.
Trade Recommendation :
Sell limit from 1233-35
Stoploss above 1245-57
Take profit 1 : 1221-22 ( Close half position and move stoploss to entry point )
Take Profit 2 : 1199-1201 ( Close Full Position)
Buy limit 1199-1201
Take Profit : 1221-22 ( Close half position and move stoploss to entry point )
Take Profit : 1231-37 ( Close Full Position)
Never risk more then 2% of your total capital in single trade.Always trade with proper risk management plan.
Feel free to comment below if you have any concern regarding charts and analysis
Your feedback is always welcome
Mati Ur Rehman
Gold Analyst @ forex.today