Good Morning Forex Friends
Yesterday we were expecting a downward movement and first target was 1201-3.Gold move according to our expectations and our first target has been hit.Today i am sharing different time frame analysis and invalidation points for further trade idea.
Daily Gold Analysis
I have mention support and resistance area in daily time frame chart.Gold will clear its picture once break its resistance or breaking the support.Break above the resistance will give us confidence to remain bullish,Break and closing below the support level will invalidate the bullish thoughts and bears may hold the market.We will consider daily time frame analysis once we get confirmation of break.
4 Hour Time Frame Analysis
Clear symmetric triangle forming in 4 hour time frame.Gold is trading in a range and forming symmetric triangle. The question is where the triangle will break.If 4 hour candle close above the resistance line we will buy from that area.If candle close below the support level then we will sell from the break.I am sharing trade recommendation pending orders below.
Sell Limit : 1227-30
Take Profit : 1211-13 (Close Half position and move stoploss to entry point)
Take Profit : 1191-93 ( Close full position )
Never risk more then 2% of your total account 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 & Happy Trading