Gold Closed with a high momentum Bullish Engulfing Candle on H4 around the support area on Friday failing to break the last swing low/support area around 3260. This indicates the price wants to target the higher price and hunt for some liquidity around 3370 area.
If we more to m15 to refine our entry analysis we can see that price has changed its course from bearish to bullish with "Change of Character" and "Break of Structure" already happened during the Friday session.
keeping in mind the above I am bullish on gold from a confluence area of 3297. and target the resent H4 highs at 3370 area (700 pips). Our Stop loss will be around resent m15 lows at 3286 area giving 1:7 Risk Reward.
This analysis is for educational purposes only and should not be taken as a financial advise.
If we more to m15 to refine our entry analysis we can see that price has changed its course from bearish to bullish with "Change of Character" and "Break of Structure" already happened during the Friday session.
keeping in mind the above I am bullish on gold from a confluence area of 3297. and target the resent H4 highs at 3370 area (700 pips). Our Stop loss will be around resent m15 lows at 3286 area giving 1:7 Risk Reward.
This analysis is for educational purposes only and should not be taken as a financial advise.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.