Good Evening Forex Friends
Gold didn’t move according to our expectations and break the resistance at 1129-30 without any major correction.So the alternate trade idea works for this scenario. Current market price is at 1139 and 1139-45 is the the major resistance of ascending channel and it is also the major resistance of descending channel that was forming in daily chart since 2015.So this will be the watching area.We will stay neutral and will watch the market closely.If gold break the resistance and close above the channel we will look for buying entry again.If gold close below the resistance then we will look for reversal pattern confirmation.
Those who are in a selling trade , i suggest you to close the trade at break even and stay neutral until we get the confirmation to jump in.
We will discuss different time frame chart analysis after the daily closing today.
Close sell entry of 1137-41 at break even and wait for the next setup
Don’t risk more then 2 % of your total account capital in single trade.Always trade with proper money management rule.
Please feel free to comment below if you have any concern regarding the chart and analysis.You feedback is always welcome.
Mati Ur Rehman
Gold Analyst @ forex.today