Gold has started being bullish on the H4 chart after being bearish for a long time. Last day’s trading candle came out as a good-looking bullish candle. Today’s price action suggests that the price has been on a consolidation. If the price, after consolidation produces an H4 bullish engulfing candle, then a breakout at the last day’s highest high would be the signal to take a long entry. Let us have a look at the H4 Gold chart.
This is another trade idea generated by the Elite Swing Trader.
The level of 1288.65 is the level of resistance here. On the other hand, the level of 1284.40 has the potential to be the level of support. If the level is held and ends up producing an H4 bullish engulfing candle, then a breakout at the level of 1288.65 would drive the price to go towards the level of 1295.55. Let us have a look at the summary of the trade…
- Buy Stop Order: 1288.83
- Stop Loss: 1284.55
- Take Profit: 1296.56
The price may go further down than our anticipated support level. The reason for this is there is another level where the price had a massive rejection. This means it has the potential to be a good level of flip over support. However, the trade setup will remain valid, as long as the drawn support level is not broken by H4 candles. As we know, if the price goes past a level on one candle, but recovers on the immediate next candle that is not considered as a breakout. This may happen with our today’s shared trade setup. Let us wait and see what actually happens in the end.
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