Good Evening Friends
Gold is trading sideways after giving a new high around 1128.Expecting a correction and some downside movement.This correction may end at 1110 and 1101-2 in extension.Fundamental side we have some major news today . Unemployment changes and Core durable good orders.These News may help gold to complete the correction.I am sharing 4 hour chart to give better idea.
Trade Recommendation Update :
Sell from 1120-21
Take profit 1 : 1110 ( Close half position and move stoploss to entry point)
Take profit 2 : 1103 (Close full position)
Buy from 1103-04
Stoploss below 1097
Take profit 1131
Longer term target for gold is still 1145.
Note : Never risk more then 2% of your total capital or account size.Trade with proper money Management rule.
Feel free to comment below ,If you have any concern regarding chart and analysis.Your feed back is always welcome