Good Morning Forex Friends
Movement and closing above 1193 invalidate our correction thoughts and alternate buy idea works.our buy stop trade trigged and first target 1213 has been hit.I am sharing multiple time frame charts analysis.Please have a look.
Daily Time Frame Chart
Yesterday closing above the resistance 1191-93 invalidate the correction thought.Now this resistance become support for our next trade.Gold next target may 1235.Current market price is 1207-08 and recent high is 1214-15.we will look for buy entry again above the support level.We are already in a trade and looking farward to get the target hit.
4 Hour Time Frame Chart
Gold is still bullish and i am expecting more upward movement today.4 hour chart target is the same 1235.Please keep in mind movement below 1191-93 will invalidate the bullish thoughts for short term.set your stoploss accordingly.
Our first target has been already hit at 1213.Remaining half position target will be 1235.Please move your stoploss to entry point and enjoy the risk free trade.
Those who missed last trade opportunity can also join if we get better price around 1097-93 level.and stoploss below 1089.
Never risk more then 2% of your total account capital 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.
Wish You Best Of Luck & Happy Trading
Mati Ur Rehman
Gold Analyst @ Forex.today