Good Afternoon Forex Fantasies
In our yesterday analysis we were looking for the break of wadge pattern in hourly chart to confirm the bearish move towards 1269 minimum and 1251-55 maximum.Gold move sideways in yesterday session.Movement is still not confirm and analysis are the same as per previous analysis.I am sharing update 4 hour analysis below for today session.Please go through the hourly analysis written below.
4 Hour Gold Analysis
Gold is trading in a sideways direction since last 2 days.We are expecting reversal or downward movement today.It is more likely price will touch its support level again around 1269 and 1251-55 in extension.Technically couple of reversal candle from the peak indicating bearish move soon.Alternately if gold move above and break 1290 in hourly candle closing , then price may touch 1301-03 minimum ad 1317-21 in extension.I suggest you to jump in the market after the confirmation either upside or downside.
Bearish Confirmation : Movement below 1277 will confirm bearish move for target 1269 and 1255 in extension.Invalidation 10 points difference from the entry level.
Bullish Confirmation : Movement above 1290 will confirm bullish move for target 1301 and 1317 in extension.Invalidation 10 points difference from the entry level.
Please have a look in hourly chart below, I have mention possible next move diagram with movement structure.
4 Hour Gold Chart
Note : Never risk more then 2% of your account capital in single trade.Always trade with proper risk management plan.
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Mati Ur Rehman
Gold Analyst @ Dailygoldanalysis.com
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