Good Evening Forex Friends
Gold is trading in a consolidation phase since last few days.In seems buyers and sellers are in confusion.I am sharing different time frame analysis to share entry and invalidation levels.
Daily Time Frame Charts
Gold is trading near to its resistance since last few days.Major resistance is at 1245-51 level and support is at 1221-23.Couple of reversal candles are indicating a bearish move may hold the market.But rejecting support tells the different picture.In daily time frame chart.I have mention the resistance level.If gold break and close above the resistance we will look for buy entry and if gold break the nearest support around 1221-23 we will look for sell entry.
4 hour Time Frame Chart
We can see a symmetric triangle in 4 hour chart and it is becoming more close.We believe if gold break the triangle from upside then the resistance become strong support and we will go for buy entry.If gold break the support level in 4 hour charts we will sell gold accordingly.Please follow the chart below and trade after the break.
Trade Recommendations :
buystop at resistance break : 1254-55
Stoploss below 1239
Take Profit : 1267-71 (CLose half position and move stoploss to entry point)
Take profit : 1293 ( Close full position )
Sell stop below the Support line in 4 hour chart at 1216-17
Take profit 1201-03 ( Close half position and move stoploss to entry point )
Take profit 1191093 ( Close full position )
Never risk more then 2% 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.
Mati Ur Rehman
Gold Analyst @ forex.today