Gold Price Action Analysis – 31st Oct 2018
GOLD price is at an interesting level. The H4 chart shows that the level was obeyed by the price a number of times. By looking at the H4 chart, it seems that if the level is held as the Support level and we get an upward breakout, then Gold price would head towards the North.
The level of 1219.25 is the level, which holds the key. If this level continues to hold the price and produces an H4 Bullish Engulfing Candle, then we might get an opportunity to buy Gold and make some green pips. The level of 1222.99 is the level to be broken here by an H4 candle. If we get an H4 breakout and an H1 Bullish Engulfing Candle right at the breakout level at the time of correction, then Gold would head towards the level of 1235.55. Let us have a look at the summary of the trade…
- Buy Stop Order: 1222.99
- Stop loss: 1219.25
- Take profit: 1235.55
- 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 Support level that holds the key here is an important level. We are assuming that the level would act as the Support level here; however, it could work as a level of Resistance here if the price of Gold keeps going towards the downside and makes an H4 breakout at that level. Things would be very different. We would have to look for Short opportunities instead of buying opportunities then. Let us wait and see what actually happens here.
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