Good Morning Forex Friends
Gold is trading in a small range, we can call it a consolidation phase.It seems buyers and sellers are in confusion.We will still remain bullish in metal technically.Our analysis are the same as per previous analysis.I am sharing update charts to give my view.
Daily Chart Analysis
Yesterday candle closing above the support level still giving bullish signal.Market can bounce from 1240-41 area with target 1260-65.This area is also a resistance of daily chart , if daily candle close above the resistance , we will be more confidence to buy gold after resistance break with target 1301.Support and resistance area are mention in a chart below to give you better understanding.Please have a look.
4 Hour Chart Analysis
Yesterday we spot a early possible symmetric triangle formation.Gold move lower to touch the support level.4 hour symmetric triangle support is at 1237-40 area.Gold may bounce from this level.Next resistance is at 1260.We will look for buy entry from the support with invalidation of support break.If gold move high without touching the support we will watch resistance area to break and confirm the bullish move.I suggest you to wait for confirmation.please go through the chart below to get better idea.
Wait for the break of resistance, Once break confirm we will jump in the market with target 1273 and 1301.
Alternate we will look for buy entry from 1237 with stoploss below 1233.
I will update the analysis once i get confirmation of break.
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