Good Morning Forex Friends
Gold is trading near to its psychological resistance level around 1111-1113 in 4 hour and 1 hour time frame.
If gold break the resistance then the next level and the target will be at 1121-23.I am sharing different time frames analysis to give a clear view of entry and exit levels

Daily Time Frame

Rising channel forming in daily time frame and the next resistance of rising channel is 1121-23.Daily chart gives us more confidence to jump in bullish rally as soon as price remains in the channel

Gold Dailly

4 Hour Time Frame

If we look close at 4 hour time frame , price is near to its resistance level,This level will be the watching area.As we can see in the chart , From last 3 week price touch these levels and reverse back.As soon as gold holds the resistance we cannot jump for buying. If Gold break the resistance we will buy from that area.Resistance can be more strong if gold reverse from this area.

4 Hour Gold

1 Hour time frame

We can focus more closely in 1 hour time frame .If gold break the resistance and close above the resistance in 1 hour candle stick, we will buy from that area.1 Hour time frame will also give us a quick signal if gold is ready for reversing back.

1 Hour Gold

15 Mint time frame

Rising channel in 15 mint time frame indicating the next resistance level and the support of the channel is become 1101-1103 now.

15 Mint Gold

Recommendation

Buy after confirmation of break
Buy Stop 1114
Stoploss below 1101
Target 1121-23

Alternate :
If Gold reverse from the resistance area
Sell Stop 1109
Stoploss 1113
Take profit 1101

Short term trend support is at 1101-03 and trend major support is become 1083-85 now.As long as gold is trading above the support we will support bullish bias.

Dont risk more then 2% of your total account capital.

Please feel free to comment below if you have any concern regarding the analysis and charts.Your feedback is always welcome

Wish You Good Luck & Happy Trading

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