Good Evening Forex Friends
We missed previous 2 days analysis because of problem in internet connection.Now its working fine.
In our previous expectations we were waiting for the best price to buy gold.Gold move lower to its main support zone and trading current market at 1253-54 level.i am sharing different time frame chart analysis to give my view regarding gold next move.Please go through the analysis written below.
Weekly Gold Analysis
As per weekly expectations gold is moving in a possible rising channel.This rising channel support is around 1251 level and weekly closing above the support level will make this level strong for next bullish move.Alternately weekly closing below the support line that is mention in the chart below will invalidate this rising channel and bullish thoughts.We are expecting sideways movement from 1251 to 1255-57 level for couple of days and then bounce from next new higher high.We will only change our thoughts from bullish to bearish if gold close below 1251 level in weekly time frame chart.Please have a look in a chart below , i have mention possible next move with invalidation zone.
Weekly Gold Chart
Daily Gold Analysis
Gold has break its support of 1255 in daily time frame chart and current market price is 1246-47.If today daily candle closing will below the support 1251-55 , it will be the early indication to change thoughts from bullish to bearish for couple of next days with minimum target 1233-34 and maximum 1211 level.Alternately if gold bounce back and closing above 1251 in daily time frame chart then we will remain bullish and consider this break bottom for buyers.Today closing is important for next move prediction.Please go through the chart below, I have mention the support and resistance zone.
Daily Gold Chart
4 Hour Gold Analysis
Gold recently break its support of rising channel in 4 hour time frame chart.We use hourly chart to predict and catch early moves.It seem gold clearly break the rising channel support and 4 hour closing below 1246-45 will confirm this break.If it happen we will change our thoughts from bullish to bearish in short term basis and our next target for gold will be minimum 1233 , next support is around 1225 and 1211 in extreme extension.In this case the broken support of rising channel will become resistance. We will take sell trade after the invalidation confirmation area 1245 , with the targets mention in the chart below.Please have a look
4 Hour Gold Chart
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Mati Ur Rehman
Gold Analyst @ dailygoldanalysis.com