Good Morning Forex Friends
As per our last update our bullish target was 1254.Gold give high of 1253 and now trading in a range bound market.There is bit confusion between buyers and sellers in this point.I am sharing 2 different time frame charts to get the idea where market will flow.Please have a look below.
Daily Time Frame Chart
Gold is trading near to its physiological resistance level.We will have to look whether it will break or reject the resistance.Picture is not clear, i suggest you to stay neutral and wait for the closing of weekly candle.According to daily time frame chart.If we get closing above the resistance we will look for buy entry and if closing will below the resistance and we get any reversal pattern we will go for sell entry.I mention resistance area in below chart
4 Hour Time Frame Chart
Range Bound price action forming a symmetric triangle in 4 hour chart and it will support us to take the decision.we will look for the break of triangle , if we get closing above the resistance we will go for buy entry and if gold break the support , we may see the strong selling from that area.So these are the watching levels and we have to look close.Be patience and keep an eye on break.
Stay Neutral and wait for the break.I will update the post once i get the confirmation pattern
Wish you Good Look & Happy Trading
Never risk more then 2% of your account in a 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
Mati Ur Rehman
Gold Analyst @ forex.today