Good Afternoon Forex Friends

Yesterday analysis we were expecting some down movement before heading up.Price move lower and break the support we were expecting a bounce from and give a new low.I am expecting little more downward movement.I am sharing different time frame chart analysis below.

Daily Chart Analysis

Price move lower and break the second support that was 1233-37 and give a low around 1211-12.Next and final trend support is at 1191-93 level.That may b the best buying area.Movement and closing below 1191 in daily time frame will invalidate the bullish thoughts.I spot rising trend line in a chart below.We may buy from that trend line with invalidation below the line.Gold next resistance become 1233 and 1249 level.Please wait for the better price to jump in the market.

4 Hour Time Frame Chart

Symmetric triangle that was forming in 4 hour time frame chart break the support and move lower.Now the support become resistance now.I am expecting more downward movement.We will look for buy entry from above 1193 level with stoploss 3 to 5 points below the support.I mention support and resistance area in a chart below.

Trade Recommendations :

Set Buy Limit at 1193-95
Stoploss below 1187
Take Profit 1 : 1211 ( Close one half position )
Take Profit 2 : 1224 ( Close one half position and move stoploss to entry point )
Take Profit 3 : 1233-37 ( Close full position )

Alternate sell :

Sell limit : 1249
Stoplosss above : 1155
Take profit 1 : 1233 ( Close one half position )
Take Profit 2 : 1224 ( Close one half position and move stoploss to entry point )
Take Profit 3 : 1195 ( Close full position )

Never risk more then 2% of your 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