Good Morning Gold Lovers
We were expecting more bearish move from Monday.Price move in a range bound direction and made a suppor around 1278-81 level in yesterday session.Gold is trading between the range of 1301 and 1278.Our expectations are still same as per previous analysis.But we will look for the confirmation and alternative price movement.I am sharing two different time frame chart analysis to give my logial view regarding gold next move.please go though the analysis written below.
Daily Gold Technical Analysis
Gold move between the range of 1301 and 1278 and close around 1292-93 with bearish candle in daily session.Couple of bearish candle are in favor of bearish move, But the bouncing twice from 1277-78 in creating confusion and making 1277 level as a strong support.My suggestion is to stay nuetral in the market and wait for the confirmation areas to jump in.Please see the resistance red line the chart below.If gold break 1301 level and close above the resistance in daily time frame chart , then gold next possible target will be minimum 1311-13 and maximum 1327-31.Bearish side if gold break and close below 1277 in daily time frame chart, we may see gold at 1263 and 1251-55 in extension after the break of 1277.Please have a look in daily chart below , i have mention these confirmation points with indications.
Daily Gold Chart
4 Hour Gold Technical Analysis
4 Hour time frame chart helps us to get the earliest signal and confirmation points.Gold is trading in a range betweem 1277 and 1301 in 4 hour chart.We are in favour of bearish move but we will have to look for the confirmation of this movement.If gold move and close below 1277-75 in 4 hour time frame chart , we will jump in the bearish move with minimum target 1263 and 1251-55 in extension. For Bullish confirmation, if gold move above and close above 1301-03 level in 4 hour candle stick.In this case we will look for buy entry after the break of 1301-03 with minimum target 1311-13 and maximum 1327-31 in extension.My suggetion is to stay nuetral as long as price is moving in range bound and enter in the market after the break confirmation.Please have a look in a 4 hour chart below, I have mention bullish and bearish targets with confirmation arrows.
4 Hour Gold Chart
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Mati Ur Rehman
Gold Analyst @ Dailygoldanalysis.com
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