Daily Gold Analysis 1st August 2016
Good Afternoon Forex Friends
In our previous analysis, we were expecting gold at 1353-55 level.This is what happen in friday session, gold hit our minimum target.We are still bullish in gold, but we will have to look either it will give correction before a new bounce, or give a new high before the correction.I am sharing 2 different time frame chart analysis to predict possible next move.Please go through the analysis written below.
Daily Gold Analysis
Gold is in bullish mode as per our previous daily analysis, we are expecting minimum daily target at 1373 and 1401 in extension.We can see possible rising wadge pattern in gold but this pattern will confirm if gold move high towards 1401-03 and reverse back towards 1373.Current market price is around 1347-48 , movement above 1355 will give confirmation to first target 1371-73.Please have a look in daily chart below, i have mention possible rising wadge pattern with the movement diagram.
4 Hour Gold Analysis
4 Hour time frame chart always gives us early confirmation for the next move.Gold is in a risistance of rising channel in 4 hour time frame chart.We will look for the buy entry after the break of resistance which is forming at 1355-57 level.In alternate scenerio if gold reverse from the current market price towards down, we will look for the buy entry from 1341 or 1333 in extension.Which wil be the best price to buy gold.We will look only for buy entry as long as gold trend is bullish.I am sharing 4 hour time frame chart below, Support and the resistance break confirmation area is already mention in the chart.Please have a look.
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Mati Ur Rehman
Gold Analyst @ Dailygoldanalysis.com
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