Good Morning Forex Fellows
Gold move exactly according to our expectations, our first target 1121-23 has been hit and gold made a new high at 1122.60.I am expecting a little more upward movement before short term correction.Next coming resistance is around 1128-31 and the longer term target is still 1145.
I am sharing different time frame chart patterns to give a clear view
Daily Chart Patterns
Gold is trading in a rising channel pattern and the next resistance in chart we can see around 1128-31 and the next Fibonacci resistance is at 1136. So we may find a short term reversal signal from 1128 or 1136 area.This area will be the watching level for next gold move.
4 Hour Chart Pattern
We can see a clear break in 4 hour time frame and the next target i mention at 1144-45 area.Possibility short term correction we may see around 1128-31 area , and the the support is at 1110-11.So we will have to wait for the better price to get the ride again.
1 Hour Chart Pattern
Clear rising channel forming in 1 hour time frame And i always in favor of 1 hour time frame if we want to see a close and clear picture.1 Hour time frame chart also give us a confidence to our decision.I mention support and resistance levels in the chart.We will wait for better price to jump in the rally after the correction.
15 Mint Time frame
Price is still in the range of rising channel in 15 mint time frame.We will look for buy entry using shorter time frame and get earlier signal.I mention entry and exit point in the chart.
Wait for the correction
Buy from 1010-11
Stoploss Below 1107
Take profit 1127-28
Sell After Breaking the support of 1109-11
Sell from 1107-8
Take profit 1090
Note : Dont risk more then 2% of your total capital or account size.Trade with proper money management rule
Please feel free to comment below if you have any concern regarding charts and analysis.
Your feedback is always welcome
Wish You Happy Trading