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Daily Gold Analysis 13th April 2016 ( Update )

Gold Forecast

Daily Gold Analysis 13th April 2016 ( Update )


Good Evening Forex Friends

In our morning analysis we were expecting a correction towards minimum 1243 and 1233-34 in extension.Gold move exactly according to our expectation with a low 1239 and bouncing back.I am sharing two different time frame charts to predict possible next move of gold.please have a look in a chart below.

4 Hour time Frame Chart

In our previous chart we set a Fibonacci retracement levels to get the support area for correction.Gold move downside and made a low around 1239.Gold could move higher now to the first resistance level that is around 1261-63.Movement above 1253 will confirm this target.Alternately MACD momentum is still indicating more bearish movement.If price fail to break 1253 then it may reverse towards 1233-34 that will be possible best buying area for gold.Overall we are bullish in gold , and we are looking for more better price to jump in the market.I have mention possible movement diagram in the chart below.Please have a look.

Update 4 Hour Chart

For the reference of previous analysis i am also sharing previous 4 hour chart below.

Previous 4 Hour Chart

1 Hour Time Frame Chart

As per expecting gold break the rising channel from downside in  the Asian session and find support around 1239.Now support of rising channel become resistance in 1 hour time frame chart.If gold follow the resistance , and reverse back then the possible next target for gold may around 1233-34.If gold break resistance and close in the channel again , we will jump in the market for bullish towards 1261-63.We will  stay neutral and watch the market closely either it will break the resistance or reverse back.Please see the chart below i have mention possible resistance and support area with diagram.

1 Hour Update Chart

For the reference of previous analysis i am also sharing previous 1 hour chart below

Previous 1 hour 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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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


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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