Good Evening Forex Friends
As we were expecting a correction , Gold is forming a double top Pattern in 1 hour chart and 1129-31 is become phycological resistance level now and the ascending channel support is at 1116-17 level.Invalidation point is 1107-08 level.So we will look for buy entry from the support area.
Buy From the support : 1113-15
Stoploss Below 1107
Take profit : 1128 ( Close Half position and move stop loss to entry point)
Take Profit 2 : 1137-41 ( Close full position)
Please keep in mind, Double top pattern in 1 hour chart may give strong resistance to buyers.So this may be the earliest single that sellers may control the market very soon and the daily closing below 1107 level will give more confidence to sellers.
Note : Never risk more then 2% of your total capital and always trade with proper risk management plan.
Feel free to comment below if you have any concern regarding the charts and analysis.Your feedback is always welcome
Wish you Good luck and Happy Trading