Good Afternoon Forex Friends
Yesterday analysis was expected some down movement before heading up.Price move low to touch second support and bounce back.I am sharing two different analysis with invalidation point today.Please have a look
Daily Time Frame Analysis
After bounce from the support, Gold give today high at 1260.This could be the resistance level and if we get today closing above 1260-65 , that will be the signal to buy gold after the resistance break.If gold reverse from current market price then next support may 1233-37 area.Today closing is important to predict next move for gold.We will remain bullish in gold and look for the better price to enter the market.Today daily candle closing may give confirmation to predict next move.Gold bullish targets will be the same 1281-83 and 1301-03.Longer term target is 1370-90 area.I mention support and resistance level in the chart below.
4 Hour Time Frame Analysis
Price is forming a small symettric triangle is 4 hour chart and it is getting more close.This triangle may give us early confirmation to enter the market.I am expecting a break from upside with target 1273-77 and 1301-03 according to 4 hour chart.If this triangle break below the support we will look for buy entry from the next support level that is 1224-25.I mention support and resistance area in the chart below.
Trade Reccomendation :
Wait for the resistance break and buy when break is confirm.If Gold fail to break the resistance in 4 hour.wait for the support level to buy.
Never risk more then 2% of your total account 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 Good Luck And Happy Trading
Mati Ur Rehman
Gold Analyst @ forex.today