Good Morning Forex Friends
We were looking for weekly closing and it was hanging man candle stick closing.That indicating the bearish move this week.I am sharing weekly , daily and 4 hour chart to give my bearish view this week.Please have a look
Weekly Chart Pattern
We can see hanging man candle stick forming in weekly chart that indicating a bearish move this week.I am expecting gold may touch its support again at 1191-93 and movement above 1245 will invalidate our bearish point of view this week.
Daily Chart Pattern
Clear rejection near resistance give more confirmation to sell the gold, current market price is 1216-17.Momentum in MACD is also in favoring of selling gold in daily time frame.Major support is at 1191-93.We will look for more selling if price break the support.
4 Hour Chart
Minor resistance we can see is at 1213-14.Movement below this level will give more confirmation i am expecting this support will break today.We will look for better price to sell the gold.i am sharing trade recommendation below using 4 hour chart.
Sell Limit 1217-19
Stoploss above 1241
Take profit 1 : 1201-3 ( Close Half position and move stoploss to entry point)
Take Profit 2 : 1191-93 ( Close Full Position )
Never risk more then 2% of your total account capital.Always trade with proper risk management rule.
Feel free to comment below if you have any concern regarding charts and analysis.Your feedback is always welcome.
Wish you good luck and happy trading
Mati Ur Rehman
Gold Analyst @ forex.today