Gold Price Action Analysis – 13th April 2018
Gold has been Bearish on the H4 chart. Yesterday’s Daily candle came out as a strong Bearish candle. Today’s first H4 candle was Bullish. However, the next candle came out as a Bearish Pin bar. If the current candle comes out as a strong Bearish candle and makes a breakout at a Support level, then selling Gold would get us some green pips later today. Let us have a look at the H4-Gold chart.
Have a look at the Pin bar, which had a rejection from the level of 1340.75. If the current candle makes a breakout at the level of 1334.45, then we would have to wait for an H1 Bearish Engulfing candle at the time of correction right at the breakout level to take the short entry. Let us have a look at the summary of the trade…
- Sell Stop Order: 1340.75
- Stop Loss: 1334.45
- Take Profit: 1320.50
- 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
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There is no high impact news event today. This means if we get the breakout and the correction as we have expected here, then it would be an entry, which would hit the target without making us wait too long. This is the last day of the week. Other pairs usually get sluggish after the New York open, but Gold market usually makes a good move on Friday. On a number of occasions, I have noticed Gold made strong moves on Fridays. Let us hope that the Gold makes a Bearish move by offering a short entry to the technical traders.
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