Gold is trading on very crucial level today. So, I’ve taken its technical chart to analyze more. Indicators taken are Japanese ichimoku, Doda-Donchian and Doda-Bollinger Bands.
Time Frame taken is H4.
Gold has been trading in a range bound manner from the last several trading sessions. Currently it’s trading near $1319. But, since it is inside ichimoku kumo area, it will be called as “no trade zone”.
One must wait for it to either close above kumo or below kumo to trade long position or short position respect.
$1325 is the level of Doda-Bollinger band. If it closes above this level, take the long position.
If it closes below #1319.38 and stay there for 2-3 candles on H4 time frame, take short position.
Major Resistance Levels:
Major Support Levels: