Good Morning Gold Riders
We were expecting a correction towards 1243-45 before bounce for new target.Gold move down and bounce back towards its first resistance.I believe correction is not complete yet, gold is forming support lower then yesterday expectations.I am sharing different time frame chart analysis to discuss possible next move.Please go though the analysis written below.
As per our previous thoughts we are bullish in long after the break of descending channel in weekly time frame chart.Our weekly longer term target is at 1370-90 and invalidation is below 1191-93.our thoughts remains the same as long as gold is trading above the invalidation point.Movement and closing above 1283 will give more confidence towards out longer term target.If gold break and close below 1191-93 in weekly candle, then we will consider its a false break and may change our thoughts accordingly.For better understanding i am sharing weekly chart below , Please have a look.
Gold Weekly Chart
Gold was trading in a range of symmetric triangle is daily time frame.gold hit triangle resistance yesterday but fail to break and reverse back.Symmetric support is around 1233-34 area . Expecting a possible bounce from the support.If gold fail to touch the support and bounce back then we will look for buy entry after the break of yesterday high which is also a symmetric resistance at 1255-56 area . In that case gold next target may 1277-81 level.Best possible buying area is 1233-34 ( Symmetric support level ).If gold break the symmetric support then next target may 1211-13 and 1190-93 in extension.Please adjust the stop loss accordingly.Please have a look in a daily below for better understanding.
Gold Daily Chart
4 Hour Analysis
Yesterday we were expecting a bounce from 1243-45 area.Gold give bounce from expecting area but fail to break the resistance and reverse back.Now we get the clear resistance area in 4 hour time frame chart i have mention in the chart below.After the yesterday reversal gold we spot a symmetric triangle range in 4 hour time frame chart which will give us possible bullish thoughts from the support area.Rising support is become 1231-33 now and declining resistance in 4 hour chart is 1251-53 level.we will have to look for buy entry from the support or after breaking of resistance.I have mention support and resistance area in the chart below. Alternately if gold break the rising support in 4 hour time frame chart and close below the symmetric range it will invalidate our bullish trade idea and may give us short term bearish option towards 1211-13.Please go through the 4 hour chart below, i have mention support, resistance, buying zone and invalidation area.
Gold 4 Hour Chart
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Mati Ur Rehman
Gold Analyst @ dailygoldanalysis.com