Good Evening Forex Friends
Yesterday analysis we were suppose to enter the market from 1221-23 level.Gold give us opportunity to enter the market at 1221 level.Gold next target and resistance level is 1237.I am sharing two different time frame chart analysis to give technical view for possible next move.
Daily Chart Analysis
Current market price of gold is at 1233.I am expecting some more upward movement today.Gold daily target and resistance is at 1267-71 level.Movement and daily closing above 1243-45 will give confidence for the daily target.Minor support become 1220-21 now and longer term bullish trend support is at 1191-93.Movement and closing below the main trend support may change our thoughts from bullish to bearish.Gold longer term target is 1370-90 as long as gold remains above the trend support level.I have mention support and resistance area in the chart below.
4 Hour Chart Analysis
Gold bounce from the psychological support level that was 1221-23.Next target is at 1237 that is also 4 hour resistance.Break and close above the resistance in 4 hour will confirm next move.If gold break the resistance then next target may 1249 and then 1269-71 level.Those who are not in the trade can wait for the break of resistance and enter the market after confirmation.If you already in a trade , you may close half position at 1237 level and move stoploss to entry point for risk free trade.Please follow the chart i have spoted resistance area below.
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