Good Afternoon forex friends

Yesterday analysis we were expecting more upward movement.Out first target was 1271-73.This target has been hit.Now we are looking for next target to be hit.I am sharing update chart analysis.Please have a look.

Daily Chart Analysis

As expected price is moving upside.Yesterday candle closing give more confidence to our bullish thoughts.current market price is 1175.Our second target is at 1191-93.i am expecting this target may hit tomorrow.Movement and closing in daily time frame below the support 1241-45 will invalidate our bullish thoughts.

Gold Daily

4 Hour Time Frame Chart

We can look price action closely in 4 hour chart.Price is just indicating upward movement.Couple of bullish candles making the picture clear.Our second target is at 1291-93 and closing target is 1301-03.Momentum is also in favor of bulls.We might see some volatile in couple in couple of days because of some fundamental reasons.Please move your stoploss accordingly.

Trade Update Reccomendation :

Move your stoploss at entry point
Close half position when our second target hit 1291-93
Close full position at 1301-03

Enjoy the risk free trade

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 & Happy Trading

Mati Ur Rehman
Gold Analyst @ forex.today

2 thoughts on “Gold Daily Analysis 8th March 2016”

  1. Tyler Lund says:

    Nice article, Mati.
    I what is the criteria you are using for your profit targets?

  2. Thank Tyler..I set target by analyzing the price actions and patterns.This time i set the target by calculating the size of triangle that was broken in 4 hour chart.1301-03 is also the longer time resistance if we look the history in daily chart

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