Good Evening Forex Traders.
Yesterday we were expecting a bounce from 1073 and the first target was 1095.Gold trade exactly according to our expectations.But Gold fail to break its first resistance around 1095-96 and reverse back from that level.Today is the closing day and we are ready to jump again in gold from Monday “the opening day” I am attaching the chart patterns to clear the picture in different time frames.
In short term view immediate support is around 1081-83 and this will be the best level to buy again with target 1099 and then 1108-11. As per 4 hour and daily time frame we are getting a rising support around 1075-77 , So this will the major psychological level for buyers. Please keep in mind we are the bullish bias in Gold as long as gold is following the support.If gold break the support our point of view will be change accordingly. So always trade with stoploss.
Recommendation for Monday Trading session:
Buy from 1081-83
Stoploss below 1075
Target 1 : 1099
Target 2 : 1108
Movement below 1073 will invalidate our bullish point of view
For longer term or weekly time frame we are expecting 1145 level very soon
Always remember Investing forex in not risky, But its the investor who is risky.
So always take minimum risk in each trade and follow the money managment plan
Fundamental Point of View :
Chinese stocks fell back into a bear market in a sign of waning investor confidence in Asia’s top economy.We have some USD news to keep an eye next week.
Support And Resistance levels