Good Morning Forex friend
Gold is moving sideways and trading in a range of 1202 and 1212.We were expecting some upward movement yesterday but it was not happen.Today i am sharing different time frame analysis with alternate scenario as well.Please have a look in a chart below.
Daily time Frame Analysis
Yesterday closing candle indicating a bullish move today.Recent support is at 1191-93 and major trend support is become 1177-81 level.Movement below this level will invalidate the bullish thoughts.We are in a trade and favoring a bullish move.First target may 1233-35.Movement above 1213-16 will give more confidence.I mention the support and invalidation area in the chart below.
1 Hour Time Frame Chart
1 hour chart always give a close view regarding price direction.Sideways movement in a narrow range looks like symmetric triangle.We will have to look where this triangle will be break.Movement below 1200 will break the triangle to the downside and can give 15 to 20 point move to the major support area 1177-82.movement above 1213-15 will break the triangle to the upside and target may 1233-35.We will watch closely to the direction of price for jumping in.
Trade Recommendation :
Wait for the triangle break.and set buy stop and sell stop limit mention below
Buy Stop 1215-16
Stoploss below 1200
Take Profit 1233-35
Sell Stop 1199
Stoploss above 1210
Take Profit 1181
Please delete buystop if sell entry trigged.And delete sellstop if buy entry trigged.
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.
Wish You Good Luck And Happy Trading
Mati Ur Rehmnan
Gold Analyst @ forex.today