Good Morning Forex Friends
We were expecting bounce from 1231-33 area yesterday, It was not happen and price move lower towards 1223-25 that was daily support.In our today analysis i am sharing two different thoughts for possible next move.Please go through the analysis written below.
Weekly Gold Analysis
I have mention in our previous analysis that we are bullish in gold as long as price is above 1191-93 support level.This support level is descending channel broken area that was previous resistance.If gold break and close below 1191-93, We will consider alternate bearish option.Longer term bullish target for gold is 1370-90.Movement and closing above 1283 in weekly chart will give more confidence towards our target.I am sharing weekly chart below to give my logical thoughts why i am bullish in gold.I mention support and target area in the chart below.
Weekly Gold Chart
Daily Gold Analysis
Yesterday as mention in daily chart that we are expecting price may touch support around 1223-24 and could bounce for 1249-51 area to complete possible small symmetric triangle pattern.Price move lower around 1224 and trading in a range between 1224-29.If gold follow this support and give a bounce today , it will give confidence to our bullish thoughts to complete the range of symmetric triangle that is mention in the chart below.If gold break this daily support and move lower today then we may see gold to the next support level around 1211-13 and 1190-93 in extension.1190-93 is the final trend support of daily and weekly time frame chart.If we get closing in weekly and daily time frame below this area.It will be indication to change our thoughts from bullish to bearish.Please see the chart below , i have mention symmetric triangle pattern , next support and resistance.
Daily Gold Chart
4 Hour Gold Analysis
In our previous 4 hour chart we were expecting a bounce from rising support line around 1231-33 , Prince move lower to break the support and trading near invalidation point around 1224-25.If gold move more lower and break 1224 in 4 hour time frame chart , it will be early indication for more bearish move towards 1211-13 and 1191-93 in extension.1191-93 is the main support area for our longer term bullish trend.Movement below this area will invalidate our overall bullish thoughts.I suggest you to wait and watch the market for bounce or break below at 1224.If gold bounce from 1224 then the immediate resistance may resist price around 1241-43 , Second resistance is at 1253 and 4 hour third resistance is 1263.I have mention resistance and support area in the chart below.Please have a look
4 Hour Gold Chart
1 Hour Gold Analysis
I never ignore 1 hour time frame chart because it gives us early signal to predict next move.Support of 1 hour time frame chart was around 1231-33 , Yesterday gold break this support and close below the support line.It gives us early thought that price will touch second support at 1224.This is what happen yesterday.Now the support of 1231-33 become resistance in hourly chart.If gold touch this resistance and reverse back it may be indication for more bearish move today.Alternately if gold break and close above this resistance level in hourly chart, This will indicate in favor of bulls.Next support in hourly chart is at 1211-13 that is mention in the chart below.Please see the hourly chart , i have mention immediate resistance or reversal area with alternate targets.
Hourly Gold Chart
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Mati Ur Rehman
Gold Analyst @ dailygoldanalysis.com