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Daily Gold Analysis 16th June 2016

Gold Forecast

Daily Gold Analysis 16th June 2016

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Good Afternoon Forex Friends

In our yesterday analysis we were looking for the break or reversal confirmation.Price move high and break bullish confirmation point and give a high according our expectations around 1301 in yesterday session.We still believe more upward movementaround 1317-21 level.I am sharing hourly chart below.Please consider hourly analysis written below.

Hourly Gold Analysis

Gold is trading in a  rising channel in hourly chart.As long as gold is trading between the rising channel we will remain bullish.Gold minimun hourly target is 1317 and 1327.I believe gold may give reversal or correction for short term bearish move from 1317 level or 1327 level in extension.This short term bearish move may end around 1275-80.Price could bounce from 1275-80 for the new high above 1349-51.As per our all previous analysis we set the longer term target for gold is around 1370-90 which will remain same as long as price is moving above the suppprt level in weekly time frame chart.I will share weekly and daily time frame analysis in tomorrow session.Please have a look houly chart below, i have mention possible next movement diagram.

Hourly Gold Chart

I am also sharing 4 hour , daily and weekly charts below.Detailed written analysis will be share in tomorrow session.

4 Hour Gold Chart

Daily Gold Chart

Weekly 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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Feel free to comment below if you have any concern regarding charts and analysis.Your feedback is always welcome and help us to improve.

Wish you good luck and happy trading

Mati Ur Rehman

Gold Analyst @ Dailygoldanalysis.com

Email : admin@dailygoldanalysis.com

Skype : mati_ji

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Mati

Mati Ur Rehman is a forex trader having 11 years experience in the field and knows as a technical analyst. He is an expert in XAUUSD Gold Analysis.

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