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XAUUSD Price Action Analysis – 7th June 2017
XAUUSD or GOLD has been bullish for the last 4 weeks. The price has kept going towards the North and made new higher highs. In fact, the price has been trapped on an uptrending channel on the Daily chart and still there is a lot of space for the price to go upwards. To go with it, H4 chart suggests that an opportunity might be round the corner to go long on Gold. Let us have a look at the H4-Gold chart…
XAUUSD Price Action Analysis – 7th June 2017
The chart clearly suggests that, the price has been uptrending. However, 1296.10 has been acting as a resistance here. 1288.30 is a level near to that resistance, which has a huge potential to be a level of support. If 1288.30 holds the price and produces an H4 reversal candle, then going long on Gold should get us some green pips with an excellent risk and reward ratio. Let us have a look at the summary of the trade…
- Buy Stop Order: 1296.00
- Stop Loss Level: 1288.00
- Take Profit Target: 1316.00
- 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
- Validity: 72 hours (3 trading days)
The reversal candle we should aim for here is an Engulfing H4 candle. Engulfing candle is the best reversal candle, which attracts traders more over other reversal candles. Traders have less confusion before taking entry, thus price moves towards the desired direction with good speed. A Pinbar as a reversal candle is the second best. With a Pin bar, we have to wait for an H1 candle to make the breakout. This makes traders wait a bit longer than the Engulfing reversal candle.
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