Good Morning Forex Fantasies
We were expecting bearish movement in Friday session.Gold move exactly according to our expectations but fail to touch the support of 1251-55 and bounce back from 1261 area.In some thoughts we are still short term bearish in gold with some invalidation points.Over all bullish movement is expecting after the short term bearish move.I am sharing different time frame chart analysis below with chart patterns.Please have a look.
Weekly Gold Overlook
Gold is trading in a rising channel formation since few days after the breaking of descending channel.our longer term bullish target for gold is 1370-90.We are expecting higher high and lower high movement in weekly chart to achieve the target.Gold is in process of making lower high and we believe this correction process will end around 1251-55.We may get bounce from the lower high area 1251-55 towards 1337-41.I have mention possible movement diagram in the chart below with invalidation point.Please have a look
Weekly Gold Chrt
Daily Gold Overlook
Gold move lower towards its possible support in friday session but fail to touch and bounce back from 1261-62. Immediate resistance in daily time frame is at 1281 level and major support is forming at 1251-55.Gold may touch support first before a new bounce.If it happen then gold next target may 1317-21 according to daily movement.If gold fail to touch the support and close above the first resistance around 1285-86 in daily time frame, i will be early signal to jump in the bullish move for target 1317-19 with invalidation below the support.Alternately movement and closing below the major support 1251-55 will invalidate bullish thoughts.Please adjust your position sizing and stop loss accordingly.Have a look in daily chart below, i have mention possible next movement diagram with invalidation area.
Daily Gold Chart
4 Hour Gold Overlook
4 hour time frame chart help us to predict and catch early signal to jump in the rally.Current market price of gold is 1272-73.4 hour immidiate support is at 1270 and next support of rising channel is around 1255-56 level.If gold close below 1270 in 4 hour time frame chart.It will be early confirmation to jump in bearish movement with target 1256.If gold bounce from the support and close above 1283-85 in 4 hour time frame chart.Then we will look for bullish ride towards 1301-03 minimum and 1317-19 in extension according to 4 hour time frame chart.Alternately if gold move lower and close below the rising channel support 1251 , It will invalidate out bullish thought in gold.Please have a look in a chart below, i have mention possible bounce area, target and invalidation zone.
4 Hour Gold Chart
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Mati Ur Rehman
Gold Analyst @ dailygoldanalysis.com