Good Morning Forex Friends
Yesterday analysis was expected downward movement , Gold exactly move according to our expectations.I believe gold will follow the support 1190-91 and may bounce from this area.I am sharing different time frame chart patterns and invalidation points below.
Daily Time Frame Chart
After hiting a new high gold give correction and trading at the support level that is 1190-91.It was the previous resistance that become support.Next support is at 1173-74.Movement below this level will invalidate the bullish scenerio.We will remain bullish until gold trade above the major support level.I am expecting a bounce from the support and first target may 1211-13.
4 Hour Time Frame Chart
4 hour time frame indicating little bit down movement.Main support in 4 hour is the 1190-91 and the major trend support is 1173-77.We will look for buy entry from 1090-91 area with stoploss below the major trend support.
Trade reccomendations :
Yesterday we set buy limit from 1199-1201.We are already in a trade and stoploss is below 1089.If gold hit our stoploss we will buy again from the major support 1173-77 .Please keep in mind if gold move and break the major support.Our bullish thoughts will change to bearish accordingly.
Yesterday Trade Buy limit was 1199-1201
Stoploss below 1189
Take Profit 1211-13 ( Close half position and move stoploss to entry point )
Take Profit 1233-37 (Close full position)
Alternate Buy Limit if our stoploss hit
Buy limit 1173-77
Stoploss below 1167
Take Profit 1 : 1190 ( Close Half position and move stoploss to entry point)
Take Profit 1 : 1211-13 ( Close Full Position )
Never risk more then 2% of your total account capital in single trade.Always trade with proper money management plan.
Feel free to comment below if you have any concern regarding charts and analysis.Your feedback is always welcome
Wish You Good Luck & Happy Trading
Mati Ur Rehman
Gold Analyst @ Forex.today