Daily Gold Analysis 10th May 2016
Good Evening Gold Lovers
We were not able to post morning analysis because of internet issues.
In our yesterday analysis we were expecting bounce from first support 1270-71 and 1251-55 in extension.Market move down and broke first support.Current market price is 1263-64.We are expecting more downward movement before a bounce.Next and final bearish target is 1251-55, which is also the support of rising channel that was forming since last few days.We will go long from the support with first target 1270 and 1281 in extension.Daily closing below 1249-51 will invalidate the rising channel and may change our thoughts from bullish to bearish for next move.I am sharing 4 hour time frame chart below with possible buying area , target and invalidation points.Please have a look.
4 Hour Gold Chart
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Mati Ur Rehman
Gold Analyst @ dailygoldanalysis.com