Good Morning Forex Lovers
We are already in a trade and got some positive pips running in gold at the moment.There is some points we cannot ignore them before setting up the target.
So today i am sharing the charts with some possible trade ideas and we will set our target according to market patterns.
So here we go
First we look in a daily charts to overview
Our daily rising support is become 1085-1088 Area now and break below this level will be the invalidation point of our bullish thoughts.The immediate resistance will face at 1108-1111.Please have a look in a chart below.
4 Hour time Frame
In 4 hour time frame i mention some support and resistance levels. The current market price is at 1100, and the next resistance we can see in the chart is at 1107-1109. So we are setting up our first target 1107.Please keep in mind price can reverse from resistance level to touch the support area again.
1 Hour time Frame
We can understand and analyse the gold more closely in 1 hour chart.Gold is moving in a rising channel , i mention the support and resistance levels in the chart below. and this chart is supporting our decision for the target 1107-08.
15 Mint Time Frame
Please have a look in 15 mint time frame , This will give more confidence and help us to keep an eye more closely
Manage Running Position
Move Stoploss at 1089
If gold break its resistance, The next target will be around 1121-23 and if gold fail to break then we will plan to buy again from support
Dont risk more then 2% of your total capital and always trade with proper stoploss and money management.
Feel free to comment below if you have any concern regarding analysis
Your feedback is always welcome
Wish you happy trading