Good Morning Forex Friends
We have got some positive points yesterday , Our first target has been hit at 1259.We are expecting a short term correction today.This correction may give 10 to 15 points downward move.I am sharing different time frame chart analysis to share my thoughts about yellow metal possible next move.Please go through the analysis below.
Weekly Gold Analysis
As we discuss in our previous analysis we are bullish in gold as long as gold is trading above the support line 1191-93 that was previous resistance of descending channel.Our longer term target for gold is 1370-90 , Movement and closing above 1281-85 in weekly time frame will give more confidence to out bullish bias.I have mention support, target , and invalidation area in the weekly gold chart below.
Weekly Gold Chart
Daily Gold Analysis
yesterday analysis we were expecting more upward movement towards 1259-61 and 1269-71 in extension.Gold move exactly according to our expectations and give a new high around 1260 level.We are still bullish in gold but expecting a short term correction towards 1243-47 area.We will wait to complete the correction to jump again in bullish rally.Daily immediate support is at 1230-31 level and next resistance is at 1269-71.If gold move above without correction then we may look for the break of 1271 or correction from resistance. MACD in daily time frame gaining strength , that is early indication for strong bullish trend.Buying from every low will help us to get maximum benefit of uptrend.Please go through the daily chart below.I have mention support and resistance area in the chart
Daily Gold Chart
4 Hour Gold Analysis
Gold is ready to correction in 4 hour time frame chart.This correction may end at first immediate support around 1243-44 and 1233-35 in extension according to 4 hour support levels.We may buy gold from 1243 area with invalidation below second support at 1231.Target is at 1269-71.Please keep in mind if gold move lower and close below the second support at 1231, This is invalidate the 4 hour bullish bias.i have mention support and target zone in the chart below.
4 Hour Gold Chart
1 Hour Gold Analysis
Gold is moving in a rising channel in 1 hour time frame.Resistance of rising channel was 1259, that was hit yesterday.Gold is in a correction mood in 1 hour time frame and the support of this rising channel is around 1243-47 area.As 1 hour chart always give us early signal to jump in the market , we will look for buy entry from the support zone with invalidation below the support.If gold move higher without testing the support , then next target will be 1269-71.I suggest you to wait for the better price to buy.Patience is the key to success in forex trading.We will have to wait and watch 1 hour chart closely to ride the possible bullish next move.I have mention support or buying zone in the chart below.
1 Hour Gold Chart
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Wish you good luck and happy trading
Mati Ur Rehman
Gold Analyst @ dailygoldanalysis.com