Good Morning Forex Friends
Federal Reserves left interest rates unchanged , that gives us more confidence to remain bullish in Gold and follow the technicals.
We missed the trade during Fomc our entry point was 1111.00 and gold bounce from 1115 level and give a new high at 1128 that was our target.Now we may see some correction in gold . I am sharing some chart patterns in different time frame to look further entry and exit points.
Daily Chart Pattern
Gold is moving in rising channel in daily chart and making higher high and lower high.Recent high is 1128 it was expected in yesterday analysis.Now we may see some correction and that correction may over near support level that was previous resistance around 1110-1111. So we will watch that area to jump in again.Channel invalidation is now at 1097-99.Movement below this level will invalidate our Bullish bias.
4 Hour Pattern
We can see the clear reversal from 1128 and indicating the correction is just starting.This correction may end at 1110-1111 area i mention in chart.We will look for further buy entry from this level.Movement and break below this level will invalidate this trade.
1 Hour Pattern
1 Hour time frame always give us more confidence and give us a clear picture to support our decisions.According to 1 hour time frame our next support is around 1111-1112 area and the next target will become 1131-33.
Buy Limit 1111-13
Stoploss below 1100-1099
Movement below 1100-1099 level will invalidate the rising channel , if it happen we will look for the new setup
Longer term target is still the same 1145.
Note: Don’t risk more then 2% of your total capital in single trade and always trade with proper stop loss and money management rule.
Feel free to comment below if you have any concern regarding the charts and analysis.You feedback is always welcome
Wish you Happy Trading