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.
Site Announcement And Updates
We are also starting video analysis from next week.We are working to make quality videos to give better understanding of our analysis.Our team is working to start education session very soon for beginners to understand the Forex basics.Those who want pro Forex technical analysis course can contact us via email.
Trade Recommendations : Those who want our trade recommendations with proper entry and target points may contact us via email.We have set our minimum fees for the paid clients.
( Our paid clients already get nice profit from our previous week recommendations )
Forex Education : Those who want to learn forex technical analysis can contact us via email.We will start our skype classes session for interested members.
Email : firstname.lastname@example.org
Skype : mati_ji
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