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Daily Gold Analysis 16th May 2016 ( Update )

Gold Forecast

Daily Gold Analysis 16th May 2016 ( Update )

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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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Wish you good luck and happy trading

Mati Ur Rehman

Gold Analyst @ dailygoldanalysis.com

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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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