Good Morning Forex Fantasies
price bounce from the 4 hour rising support yesterday and give high around 1255-56 area.our first target was 1251.Price may give more upward movement today after little bit correction.I am sharing three different time frame charts analysis to share my thoughts regarding gold next move.please go through the gold technical analysis written below.
Weekly Gold Analysis
We are bullish in gold since few weeks and this week bullish moves gives more confidence to our bullish thoughts.Longer term gold target is at 1370-90 and movement , closing above 1283 level will give more confirmation.Invalidation of weekly time frame is below 1191-93 that is support of descending channel.Movement and closing below the channel will invalidate our bullish thoughts.Those are with us in long term trade should set stop loss below the invalidation point.Please see the weekly chart below , i have mention target and invalidation area.
Weekly Gold Chart
Daily Gold Analysis
We spot early symmetric formation few days before and was expecting the bounce from support level towards symmetric resistance at 1249-51.Yesterday gold bullish movement give confirmation and move high at 1256.Daily closing was around 1250 area.Now symmetric support is become 1234-35 area.If price move in the symmetric channel and touch the support again then the next symmetric declining resistance will become 1243-47 area.Beauty of symmetric triangle is , it can break any side either up or down.Our weekly thoughts are bullish that’s y i am expecting it will break upside with the minimum target 1277-83 level.Alternately if symmetric break downside then the next target for gold will become at 1211-13 level.We will entry for bullish trade near the support level with target at symmetric resistance.We will also watch the resistance area , if gold break above the resistance level of symmetric triangle we will entry in the market with bullish target for 1277-81.I am sharing daily time frame chart below, Please see the symmetric support and resistance area and trade accordingly.
Daily Gold Chart
4 Hour Gold Analysis
4 hour gold chart can give better understanding and early signal to jump in the market.Yesterday movement and bounce from the rising support give more confidence towards our bullish thoughts.Now rising support is at 1234-35 level , price may touch the support again or it can also bounce from the minor support that was previous resistance at 1243-45 area with target at 1263-65 and 1277-81 in extension.Please keep in mind if gold fail to give correction then we will look price to break yesterday high 1256 for bullish trade with target 1263 and 1277 in extension. Invalidation is below the rising support if gold break and close below the support , it will invalidate our bullish thoughts and we may look for buy entry again in more better price from 1211-13 but we will consider this in alternate scenario.I draw a possible bullish movement for today in the chart below , Please have a look.
4 Hour Gold Chart
Note : Those who are following my analysis , my suggestion is to wait for the better price or break of resistance to ride.
Never risk more then 2% of your account capital in single trade.Always trade with proper risk management plan.
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Mati Ur Rehman
Gold Analyst @ dailygoldanalysis.com