Good Morning Gold Riders
Yesterday we were expecting a upward movement and the target was 1133-35.Gold move exactly according to our expectations.Our all trade targets has been hit.We will look for new trade setup.I suggest you to stay neutral and wait for the weekly closing.I am sharing different time frame charts including weekly chart to give logical thoughts.
Weekly Time Frame Chart
Weekly candle closing is important to predict the next move of gold.It looks like hanging man candle stick if gold close below 1145 today.Closing above 1245 will give us a bullish thoughts.We will look for today closing for confirmation.
Daily Time Frame Chart
Daily time frame chart indicating some more upward movement today and this movement may end around 1245 level.1245 is the closing resistance and we may see some reversal patterns from that area.major support is become 1188-93 area.Movemend and closing above 1245 may give us confirmation of continuion in bullish trend.
1 Hour Time Frame
Patience is the key to success in forex market.1 Hour chart indicating little bit correction in hourly base and minor support is around 1211-1216.This area may give us better price to buy gold for some points.I am sharing hourly base trade trade idea below.Please have a look.
I suggest you to stay neutral today and wait for the weekly closing for next trade idea.
We can also jump in the trade if we get better price around 1211-16 for short term buy.
Buy from 1216
Stoploss below 1201-1199
Take Profit 1231-33 ( close half position and move stoploss to entry point )
Take Profit 1243-45 ( 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.
Wish you good luck and happy trading
Mati Ur Rehman
Gold Analyst @ forex.today