Good Morning Forex Friends
Bearish move was expecting during Thursday movement.Price move lower at made a new low around 1265 level.We believe bearish correction is not over, Price may move more lower today to make a bottom for buyers around 1251-55 level.I am sharing different time frame chart analysis to share my prediction regarding gold next move.Please go through the analysis written below.
Weekly Gold Analysis
Price is making higher high and lower high in weekly time frame chart.We are bullish in gold for longer term target 1370-90.Gold is in a way down to touch its next lower high support around 1251-55.We are expecting this correction may over next week.Gold possible support is at 1251-55 level and movement with closing weekly candle below the rising support line will invalidate our longer term bearish thoughts.Alternately if price bounce before testing the support and close above 1296 in weekly candle, it will be early indication that gold may touch its resistance around 1317-20 and 1331 in extension.I am sharing weekly chart below with possible next move diagram.Please have a look
Daily Gold Analysis
Price move exactly according to our yesterday expectations and close as a bearish candle below the support in daily time frame chart.Now the support become resistance for next possible move around 1270-71.We are expecting bearish move from 1270 towards 1251-55 level which is the watching area for next bullish movement.If gold break above 1270 and close above the second resistance level around 1286-90 , it will invalidate our short term bearish thoughts.Alternately daily closing below 1251-55 will invalidate our bullish thoughts.I am sharing daily chart below with movement diagram and invalidation points.Please have a look
Daily Gold Chart
4 Hour Gold Analysis
We can see closest look and predict early movement in 4 hour time frame chart.After yesterday bearish move , we believe this movement was not complete.We are expecting more bearish movement today towards 1251-55 level.Current market price is 1266-67 and immediate resistance is forming at 1270-71 level.Gold may reverse from immediate resistance.If gold fail to reverse from this level then next possible reversal level will be around 1283-85.Next possible bullish movement watching area is 1251-55 level.Movement and closing below 1249-51 in 4 hour time frame chart will invalidate the bullish trend in hourly thoughts.Alternately if gold fail to touch the support today and bounce above then we will look for closing above 1286-87 to remain bullish in gold for next week.I am sharing 4 hour time frame chart below for the better understanding.Please have a look.
4 Hour Gold Chart
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Mati Ur Rehman
Gold Analyst @ dailygoldanalysis.com
Weekly Gold Chart