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.

Gold Trade Update

Trade Recommendation:

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

2 thoughts on “Gold Trade Update 2nd Feb 2016”

  1. Charles Bidner says:

    Hi Mati, loving your analysis thus far, another 2 successful trades (I had 2 entries @ 1112/13) please keep the ideas coming as we are all learning and benefiting and very much appreciate your thoughts and input. Have a fantastic day.

  2. Thankyou for your appreciation.I believe learning process never end, Sharing the thoughts helps me to learn more
    Wish you all the best

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