Gold has been Bearish on the H4 chart. The price has kept making lower lows. Moreover, there is more space for the price to travel towards the South. Today’s first H4 candle came out as a Bullish candle. However, the current candle seems that it would be a Bearish reversal candle. If we get an H4 breakout at yesterday’s lower low, then we might get a selling opportunity on Gold later today. Let us have a look at the H4 Gold chart.

The level of 1314.90 is the level of Support here. That has to be broken by an H4 candle. I assume that the next H4 candle might make a breakout at that level. After the breakout, the level has to be held by another H4 candle and has to produce an H1 Bearish Engulfing Candle right at the breakout level to offer us the short entry. Let us have a look at the summary of the trade...

• Sell Stop Order: 1314.90
• Stop loss: 1317.80
• Take Profit: 1310.40
• 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

By looking at the chart, it seems that the signal might come at GMT 14.00 or GMT 15.00. A point to be noted, Gold’s H4 candle finishes an hour later than currency pairs’ H4 candle. Different brokers’ H4 candle finishes at a different time as well. As far as Price action trading is concerned, New York Closing time is the best to close a trading day. If your chart is different, then you might as well adjust it with New York closing time. Gold Price Action Analysis – 27th April 2018