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Daily Gold Analysis 10th June 2016

Gold Forecast

Daily Gold Analysis 10th June 2016

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Good Morning Forex Friends

We were expecting minimum correction towards 1251 before next high, It was not happen in yesterday session.Price move high without correction and hit our first target around 1271-73 area.Trend is still bullish and we are still looking for better price to jump in bullish trade.I am sharing 4 hour time frame analysis below.I will post daily and weekly detailed analysis in afternoon session.

4 Hour Gold Analysis

Gold hit our next bullish expected target at 1271-73 and current market price is 1269.I believe more upward movement today with next target 1283-85 level.It is also possible gold may give correction today and it will give next high at monday session.If gold start a correction today, then we will look to buy gold from 2 major support areas.Immidiate support is forming at 1259-61 level and major hourly support is at 1249-51 which could  be the best price for bulls.Those who are planning to  buy gold today should wait for better price.Please see the hourly chart below, i have mention next move diagram with possible bounce areas.

4 Hour Gold Chart

Note : Never risk more then 2% of your account capital in single trade.Always trade with proper risk management plan.

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Mati

Mati Ur Rehman is a forex trader having 11 years experience in the field and knows as a technical analyst. He is an expert in XAUUSD Gold Analysis.

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3 Comments

  1. Kashif Zain June 13, 2016

    Awesome and accurate analysis Weldon sir (Y)

    Reply
    1. Mati Ur Rehman June 13, 2016

      Thanks Kashish for your feedback 🙂

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