Good Morning Gold Lovers
Gold move high to touch 1241 level yesterday and reverse back.It was the resistance of head and shoulder pattern that was forming in 4 hour time frame chart.I am sharing different time frame chart analysis to give logical thoughts regarding gold next move.Please read the analysis below.
Weekly Gold Overlook
We are bullish in gold since last few weeks as long as gold is trading above the support level of descending channel.Support is around 1191-93 , Expecting a bounce from 1191-93 or above with the longer term target 1370-90.Movement and closing above 1283-85 will give more confidence towards our longer term target.Alternately if gold break the support and close below in the channel in weekly time frame chart.Then this will be indication to change our thoughts from bullish to bearish.please go through the weekly chart below, Support and invalidation points area mention.
Weekly Gold Chart
Daily Gold Overlook
Gold is forming a symmetric triangle in daily time frame chart.Support of this symmetric triangle is at 1223-24 and price may resist at 1249-51.If price break below the support of triangle then the next target may 1211-13 and 1191-93 in extension.1191-93 is the main trend support of weekly and daily chart.according to my expectations gold is in short term bearish mode, and this move may end around 1201 or 1193 level.Break below 1223-34 level in daily closing will give more confidence to short term bearish thoughts.I am sharing daily chart below with support and resistance level, please have a look.
Daily Gold Chart
4 Hour Gold Overlook
Head and should pattern in 4 hour time frame chart indicating bearish move soon.We will have to look at the break of rising neckline i have mention in the chart below.If gold break the rising support , we may see gold 1211-13 . Alternately if gold bounce from the support then we will look for buy entry after the break of shoulder around 1241-43 area.I suggest you to stay neutral and wait for the confirmation of break either upside or downside.I am expecting to break downside with the target 1211-13.Please go through the 4 hour chart below , i have mention support and target area.
4 Hour Gold Chart
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Mati Ur Rehman
Gold Analyst @ dailygoldanalysis.com