Good Afternoon Gold Lovers
Last week gold finally break its resistance and moving above the resistance.Now the resistance become support and we will look to buy again from the support area.I am sharing different time frame chart analysis to give my view.
Daily Gold Analysis
Friday Closing above the resistance give more confidence to remain bullish in gold.Now the resistance 1245-51 become support and the next target may 1291-93 and 1301-03 in extension..Movement and closing below 1245 in daily time frame will invalidate our bullish thoughts.I mention support and target area in a chart below.
4 Hour Time Frame Analysis
After breaking the symmetric triangle from upside.Gold is moving above the channel.Friday our first target has been hit and we are waiting for more good price to buy again.Target will remain the same 1291-93 and 1301-03 in extension.Movement and closing below the channel will invalidate the bullish bias.
Buy from the support area 1251-55
Target 1271-73 ( Close one half position )
Target 2 : 1291-93 ( Move Stoploss to 1271-73 )
Target 3 : 1301-03 (Close Full Position )
Never risk more then 2% of your total account capital 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 & Happy Trading
Mati Ur Rehman
Gold Analyst @ forex.today