Good Morning Forex Friends
In our friday analysis, we were expecting more bullish move towards 1281-83.This is what happen in Monday session.Price move exactly according to our predictions and made a high around 1287.In our today analysis we will discuss whether price will continue move high or it will give correction.We have spotted some confirmation points in our hourly analysis today.I am sharing different time frame chart analysis below.Please consider reading below analysis.
Weekly Gold Analysis
After the break of rising channel resistance, We were again bullish in gold in weekly time frame chart.Gold weekly resistane is at 1317-21 , we are expecting gold will touch its resistance level in couple of weeks.1317-21 level will be the watching area for gold to predict next move.Gold weekly immdiate support is forming at 1251-55 area.Movement and closing below the support zone will invalidate bullish thoughts.Please have a look in weekly chart , i have mention support and the target zone
Weekly Gold Chart
Daily Gold Analysis
Gold is moving higher after the break of 1255 in daily time frame chart. We were expecting minimum target 1283-85 in daily time frame chart.Gold hit its first target in yesterday session.Next target for daily time frame is around 1301-03 and 1317-21 in extension.We believe gold may give correction before new high.Minimum correction expecting around 1267-68 and maximum 1251-55. Alternately if gold fail to give correction then we may see gold direct at 1301-03 in today session. The question is how the correction will confirm.We will look for hourly chart to get the correction confirmation on gold.Meanwhile please have a look in a daily chart below, i have mention possible next move diagram in it.
Daily Gold Chart
4 Hour Gold Analysis
We pick hourly chart because it gives us early signal and confirmation of price movement.Gold is forming rising wadge in 4 hour time frame chart.I have mention rising wadge support area in red support line.We will look for the break of red support line to confirm correction towards 1269 minimum and 1251-55 maximum.Please keep in mind as long as gold is following its support area , it will move higher untill it break the support.Those who are looking for short entry in gold must wait for the break of support line.My suggestion is to take bullish trade from the dip 1251-55 area with minimum target 1271 and maximum 1301-03.Please see the hourly chart below, i have mention break confirmation line with possible buying entry and target level.Invalidation area is below the major support mention in the chart.
4 Hour Gold Chart
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Mati Ur Rehman
Gold Analyst @ Dailygoldanalysis.com
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Skype : mati_ji