Daily Gold Analysis 16th May 2016 ( Update )
Good Evening Forex Friends
Gold is at the watching level , We will have to look either it will break the resistance or reverse back.next 4 hour closing will clear the picture.If gold close above the resistance, then next target for bullish rally may around 1297-1301.If gold close below the resistance line then gold may give bearish move towards minimum 1263 and maximum 1255-56 level.Please watch the key area and jump in the market after the confirmation.I am sharing 4 hour update chart below to give you better understanding.
4 Hour Gold Update Chart
I am also sharing previous 4 hour chart for the reference of morning analysis.
Previous 4 Hour 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