Daily Gold Analysis 17th May 2016
Good Morning Forex Friends
Today we are facing internet problem.We are sharing only 4 hour time frame chart to give our logical view regarding gold.
In our yesterday analysis we were looking to jump after the break of 4 hour resistance around 1281-83 level.Gold break the resistance in 4 hour time frame chart but reverse back indicating false break.Gold immediate support is around 1270-71 level and second support become 1262-63 level.Movement below 1255 will invalidate the bullish thoughts.Our main focus if to get better price for bullish move.We are looking for buy entry after the break of resistance again from 1281-83 level towards 1301-03 minimum target.If gold fail to break the resistance then we will look for better price around 1263 to jump in the possible next bullish rally.I am sharing weekly , daily and 4 hour time frame chart below.Please have a look.
Gold Technical Charts
Gold Daily Chart
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Mati Ur Rehman
Gold Analyst @ dailygoldanalysis.com