Good Morning Forex Fantasies
In our yesterday analysis we were expecting a correction towards 1243-47, Price move lower toward 1250 and close at 1255 , It was range bound market between 10 points.I believe this correction is not complete yet, Price could move more lower today before a clear bounce.I am sharing different time frame chart analysis to give my view about gold next possible move.
Our weekly thoughts remains same as per previous analysis.Weekly long term target for gold is around 1370-90 , and invalidation is at 1191-93.Movement and closing below the invalidation point will change our bullish thoughts.Movement and closing above daily resistance 1283-85 in weekly time frame chart will give more confidence to our bullish thoughts.This week closing may clear the picture.I have mention Invalidation and target area in the chart below.
Gold Weekly Chart
yesterday candle closing was spinning top.It seems confusion between bulls and bears.According to our expectation price could move lower today towards minimum 1243-44 and it may extend towards 1231-32.This area is also a physiological support of daily time frame chart.If gold fails to move lower, we may see gold at 1271 and 1283 in extension.Our overall thoughts are bullish.we will look for better price to jump in the market.If we get 1231-33 area , this could be the best area to buy gold.Please go through the daily chart below, i have mention support and resistance in the chart.
Gold Daily Chart
Gold 4 Hour Forecast
Couple of reversal candles in 4 hour time frame chart indicating a possible correction today.The question is where this correction may end.I have set Fibonacci retracement levels to find out the next possible bounce area.Price may touch 1243-44 level , and 1231-35.We will look for better price to jump in the market.Those who want short term bearish in gold today can jump in the market to catch bearish move with invalidation above 1263.If gold fail to complete the correction, then we will look to ride after the break of 1263 that was yesterday high.I have mention Fibonacci levels and invalidation points in the chart below.Please have a look.
4 Hour Gold Chart
Gold 1 Hour Forecast
1 hour time frame chart help us to catch early move and confirmation.Price is moving in a rising channel in 1 hour chart. Immediate support in hourly chart is forming at 1249-51 area.Close below this level will break the channel and this could be the short term sell area towards 1241-43 and 1233-35 in extension with invalidation 1261-63.If gold bounce from the support we will look for the break of 1263 to jump in the market for bullish rally.I suggest you to stay neutral in the market until price give break confirmation.We will look for buy entry from the better price.1249-51 is the watching area for short term sellers, Sellers should wait for the confirmation of break in hourly chart.I have mention support and possible target area in the chart below.Please have a look.
1 Hour Gold Chart
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Mati Ur Rehman
Gold Analyst @ dailygoldanalysis.com