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XAUUSD Price Action Analysis – 26th June 2017

XAUUSD or GOLD has been bullish on the H4 and H1 chart. The price was bearish on the Daily chart. However, last 4 trading days were bullish. Moreover, the price has been trapped within an Up trending channel on the H1 chart. Thus, we are going to keep our eyes to go long on Gold. Let us have a look at the chart and the trade setup…

This chart clearly suggests that the price has been within the uptrending channel. The price has started having correction towards the channel’s support. On its way there is a horizontal support as well at 1252.00. If the price makes a bullish H1 candle right at the horizontal and channel support, then it would be an excellent entry. It does not usually happen though. In that case, we have to wait for the price to make a bullish move from the channel support only. That would be a good trade as well, since it would have more space to travel. In both cases, the Take profit level should be place at 1258.50.

• Buy Limit Order: 1252.00
• Stop Loss Level: 1245.00
• Take Profit Target: 1258.00
• Validity: 72 hours
• Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable

The point where channel’s support and horizontal support meets is called dynamic support. This is one support level where we could rely on it a lot. We must not only go with horizontal support here, but yes we could only use channel’s support here to take an entry if the price does not make a bullish move from the dynamic support.

We hope that you enjoy our Free Forex Trading Signal today: XAUUSD Price Action Analysis – 26th June 2017 

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