Good Evening Forex Friends
Gold is trading near a support zone of 4 hour time frame chart.Rising channel support is at 1231-35 area.We are expecting a bounce from this area towards 1249 and 1277 in extension.1249 is the psychological resistance and 1275-77 level is the rising channel resistance.Please adjust your stop loss below the support level.We consider break if 4 hour candle stick close below the support. Alternate target may 1211-13 and 1201-03 in extension. Please wait for the confirmation before jumping in the market.I am sharing 4 hour update chart below , Support , possible buying area , target and invalidation points are mention in the chart.
4 Hour Update Chart
I am also sharing previous 4 hour chart for the reference of morning analysis.Please have a look below.
Previous 4 hour chart
Note : Please wait for the closing of 4 hour candle for bounce or break confirmation
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