Welcome to TradrHq, We provide Technical Analysis for a selected currency pairs and Index
After gold make its breakout through the monthly level (1326) it has since then been on a bull run for three months reaching and rejecting (1550) a weekly mid-range level. I has now pulled back from (1550) and begun a short-term smaller timeframe downtrend.
Our focus relies on the H4 & Daily timeframe where we can see the short-term momentum better. On the H4 timeframe we can see a solid foundation where price has been making lower highs. On the Daily timeframe we can see the H4 momentum but in a broader view.
On the weekly timeframe we can plot our Fibonacci level from point A (1277) to point B (1539). Our first target is the 38.2% Level and our second one right above the 50%.
Target #1: 1439 Target #2: 1408
Use 1% -5% risk per Position! (Remember to use stop loss to limit your losses and protect your account !)
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GOOGLE [TRADRHQ] for our more in depth break down of our strategy and how we analysis the markets.