Good Evening Forex Friends
In our yesterday analysis we were expecting more bearish move from the resistance area.Gold move exactly according to our expectations and give a new low around 1319-20.Our first target was 1327.I am expecting more bearish move after some correction.I am sharing 4 hour time frame chart analysis to give my view regarding gold next move.Please go through the 4 hour analysis written below.
4Hour Gold Analysis
In our yesterday analysis we select 4 hour chart to get the early signal for jumping in bearish move.Gold give us reversal from the resistance exactly according to our expectation area and move down towards our first target 1327 with a new low 1319-20.We are still bearish in gold.I have spotted a possible falling wadge pattern in 4 hour time frame.Expecting a correction towards 1339-43 area and we may see a new low after the correction.Please have a look in a 4 hour chart below , i have draw a falling wadge possible pattern.Gold may move between this falling wadge pattern , it may give a new low after every correction.1301-03 may be the maximum low area of falling wadge.I am expecting a possible bounce from 1301-04 towards 1349-51 area. Invalidation If price goes up and break the resistance that was previously support around 1251-53.It will invalidate the falling wadge pattern and may take gold towards 1385.Please see the chart below and get the next trade idea accordinly.
4 Hour Gold Update Chart
I am also sharing previous 4 Hour chart for the reference of previous analysis.
Previous 4 Hour Chart
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Mati Ur Rehman
Gold Analyst @ Dailygoldanalysis.com
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