Good Morning Forex Friends
We were looking for break or reversal from the first resistance level 1271.price move up and break the resistance in hourly chart with new high around 1279-80.Expecting little bit more upward movement towards 1281-84.We will look for break or reversal from the next resistance level.I am sharing different time frame chart analysis to give my logical view about gold.please go through the analysis written below.
Weekly Gold Analysis
Gold is moving in a possible rising channel in a weekly time frame chart.Current market price is 1277-78 and next resistance is around 1217-21.Rising support is forming at 1251-55.Price may move lower in next couple of days to touch the rising support.Gold may bounce from the support for the new target 1317-20 and 1231-33 in extension.Longer term target is still same 1370-90.I am sharing weekly chart below with diagram of possible next move.Please have a look.
Weekly Gold Chart
Daily Gold Analysis
Bullish move was expecting after the break of 1271 yesterday.Gold move up and close with a new high at 1279 area.Gold next resistance is around 1284-87 level.Bulls may find struggle from this price.We are expecting a reversal from 1283-87 towards support level.Movement below 1270 will give more confidence for bearish move.If gold move and close below 1270 in daily time frame chart it will be the confirmation that price may touch 1251-55 level which will be the best price to buy gold again.Alternately if gold close above 1293 in daily time frame chart , then it may reject the reversal and give us a new high without correction towards 1317-21 area.I am sharing daily time frame chart below.Please have a look.
Daily Gold Chart
4 Hour Gold Analysis
Gold is moving towards its next resistance after the break f 1270-71 in 4 hour time frame chart.Next resistance is at 1287 and current market price is 1278-79. We will look for reversal or break from the resistance level.We have two different thoughts for possible next move with invalidation points.If gold move high toward resistance then we will look for reversal candle at the resistance to confirm the reversal with first support 1270-71 and 1251-55 in case of support break.Alternately if price fail to touch the resistance then we will look for the break of 1270 for short term bearish move towards 1251-55 which will be the best area to buy gold from.I am sharing 4 hour time frame chart below , Next possible move diagram with invalidation points are mention.Please have a look.
4 Hour Gold Chart
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Mati Ur Rehman
Gold Analyst @ dailygoldanalysis.com