Good Afternoon Forex Friends
Yesterday we were expecting upward movement.Price didn’t move according to our expectation and move lower but above the invalidation point.As long as price will remain above the support we will be in our bullish thoughts.I am sharing different time frame chart analysis.Please have a look.
Daily Chart Analysis
Price is moving above the support , current market is 1256-57.I am expecting upward movement from now.Major support that was previous resistance is at 1245-49 area.Today daily closing may clear the picture.closing and movement below the invalidation point will change our bullish thoughts.Gold next resistance is at 1277-79 and second target may 1291-93.We will set our targets and invalidation points using daily time frame support.
4 Hour Analysis
Price is still above the broken symmetric triangle.Resistance of triangle become support.We will buy from the support area and our invalidation point will be below the support.When ever a triangle break most of the traders set the target limit by calculating the size of triangle.I mention support and target levels with invalidation point in the chart below.
Trade Recommendations :
Buy from support area : 1251-55
Stoploss Below the Support : 1244-41
Take Profit 1 : 1271-73 (Close half position and move stoploss to entry point)
Take profit 2 : 1291-93 (Close full position)
The Main target will remain the same 1301-03
Never risk more then 2% of your total account size.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
Mati Ur Rehman
Gold Analyst @ forex.today