Thursday 8 November 2018

#010 GOLD TECHNICAL ANALYSIS

#010 GOLD TECHNICAL ANALYSIS

Price Action.
After Gold have formed Bullish Engulfing pattern at Daily timeframes. Price have rectrace to minor support at H4. Hammer pattern also detected at H1 timeframes close to nearest H4 trendline. 



Market Movement Forecast.
Daily and H4 Review.

Gold now will try to retest the trendline which can see at H4 timeframes. Its also closed to nearest minor support which is 1221.50. Expect Gold will reject at this level and try to penetrate 1235.00 for breakout and heading long to 1260.00.

Key Point : 1235.00 
- Breakout - Bullish (Next Target 1260.00)
- Rejected - Bearish (Next Target 1221.00)

Trading strategy: 
Buy at 1226.00
Stoploss : 1218.00
Take Profit 1 : 1235.00 Take Profit 2 : 1260.00

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