Good Afternoon Forex Friends
Gold is trading near to its resistance since few days.We are still waiting for the break to enter the trade.I am sharing 2 different time frame analysis to give clear picture with alternate setup.
Daily Time Frame Chart
We can see a clear resistance in daily time frame chart.Gold is trading in consolidation phase near to its resistance level.This level is the watching area for gold.Bulls and bears are in confusion.I believe when ever the clear break will done.Gold may give a big move.If break upside we may see gold 1291-93 in couple of days.If gold reject the resistance then the target will be around 1201-03 and 1191-93.
4 Hour Time Frame Chart
Symmetric triangle in 4 hour time frame chart becoming more close.Once it break either from upside or downside.we will enter in a trade.I mention entry and exit point in the chart below.Please have a look.
Wait for the break if gold break the resistance then
Buy from 1253-55
Stoploss below 1137
Take Profit 1 : 1271-73 ( Close half position and move stoploss to entry point )
Take Profit 2 : 1291-93 ( Close full position )
If gold break the support of symmetric trinagle , Entry from the break
Sell Stop : 1216-17
Stoploss above 1233
Take Profit 1: 1201-03 ( Close half position and move stoploss to entry point )
Take Profit 2 : 1191-93 ( 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