Home Gold Forecast Daily Gold Analysis 21st March 2016
Daily Gold Analysis 21st March 2016

Daily Gold Analysis 21st March 2016

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Good Morning Gold Lovers

As per our previous analysis we were expecting some downward movement before targeting a new  high.Gold give a new low at friday and close at support level.1251-55 is the minor support , Gold can bounce from this level.If gold  break this support , We will have opportunity to buy gold from more good price.I am sharing three different time frame chart analysis to give my technical view for next move.

Weekly Time Frame Analysis

After break the descending channel .We set our target for gold  at 1370-90 area.Couple of reversal candle indicating some more downward movement.We will look for the best price to buy gold from the low.Next support is at 1233-37 and then 1224-45 area.Weekly main support is at 1191-93 level.If gold break the weekly main support we will change our thoughts from bullish to bearish.As long as gold is above the support we will remain bullish.Weekly target is at 1370-90.

Weekly Time Frame Analysis

Weekly Chart Gold

Daily Time Frame Analysis

Gold is struggling to break the resistance in daily chart.Some bearish candles and bearish divergence can give us new low to buy gold.If gold break and close above the daily resistance we will buy from that level.If gold follow the resistance and move lower , we will look for buy entry from the support.I mention support area in the daily chart below.

Daily Time Frame Analysis

Daily Chart Gold

1 Hour Time Frame Analysis 

1 Hour time frame chart give a closer picture.Next support for gold is at 1244-45 and then 1224-25 level.We may have best opportunity to buy gold from the support 1224-25 with stop loss below the support.I suggest you to wait for better price.Please keep in mind if gold break the resistance and close above 1267-71 level.We will buy from the break with target 1291 and 1301.Longer term  target will remain the same 1370-90.For better understanding please have a look in a chart below.

1 Hour Time Frame Analysis

1 Hour Chart Gold

Dont risk more then 2% of your account capital in single trade.Adjust your stoploss and lot sizez accordingly.

We always appreciate and well come your comments below.

Wish You Best Of luck

Mati Ur Rehman

Gold Analyst @ dailygoldanalysis.com

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