Daily Gold Analysis 15th June 2016
Good Afternoon Forex Fantasies
In our yesterday analysis we were looking for the break of wadge pattern in hourly chart to confirm the bearish move towards 1269 minimum and 1251-55 maximum.Gold move sideways in yesterday session.Movement is still not confirm and analysis are the same as per previous analysis.I am sharing update 4 hour analysis below for today session.Please go through the hourly analysis written below.
4 Hour Gold Analysis
Gold is trading in a sideways direction since last 2 days.We are expecting reversal or downward movement today.It is more likely price will touch its support level again around 1269 and 1251-55 in extension.Technically couple of reversal candle from the peak indicating bearish move soon.Alternately if gold move above and break 1290 in hourly candle closing , then price may touch 1301-03 minimum ad 1317-21 in extension.I suggest you to jump in the market after the confirmation either upside or downside.
Bearish Confirmation : Movement below 1277 will confirm bearish move for target 1269 and 1255 in extension.Invalidation 10 points difference from the entry level.
Bullish Confirmation : Movement above 1290 will confirm bullish move for target 1301 and 1317 in extension.Invalidation 10 points difference from the entry level.
Please have a look in hourly chart below, I have mention possible next move diagram with movement structure.
4 Hour Gold Chart
Note : Never risk more then 2% of your account capital in single trade.Always trade with proper risk management plan.
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Mati Ur Rehman
Gold Analyst @ Dailygoldanalysis.com
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