Home Gold Forecast Daily Gold Analysis 10th May 2016
Daily Gold Analysis 10th May 2016

Daily Gold Analysis 10th May 2016

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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

4 Hour Gold

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

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Feel free to comment below if you have any concern regarding charts and analysis.Your feedback is always welcome and help us to improve.

Wish you good luck and happy trading

Mati Ur Rehman

Gold Analyst @ dailygoldanalysis.com

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Mati Ur Rehman Mati Ur Rehman is a forex analyst having 8 years experience in forex market.He is well known in Gold Analyst and having proof track record.There are many followers of his analysis around the globe.

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