Good Morning Gold Players
We were looking for the break confirmation in yesterday analysis.Price break our bearish confirmation area and made a low around 1264-65.Our first target was 1263.We are still expecting more downward movement today.I am sharing two different time frame chart analysis.Please go through the analysis written below.
Daily Gold Analysis
Couple of bearish candles in daily time frame chart was already indicating bearish move.It was what happen yesterday , price move lower and close with the full bearish candle by making low around 1264-65.We are expecting more bearish move today with minimum target 1255.Please keep in mind , this week we have some major political events,which can impact on gold.We will not buy gold un till we get proper bounce signal from 1255 or 1241-42 level which is the main support of daily trend.Please have a look in a daily gold technical chart below.I have mention gold possible next bearish target and bouncing zone with invalidation area.
Daily Gold Chart
4 Hour Gold Analysis
Our main expectations in yesterday analysis was bearish with target 1263.Gold move exactly according to our expectations and give a low 2$ above from our target.We still think the bearish move has not been complete yet.It may give one more dip towards 1251-55 level, which is also the main support of 4 hour bullish trend.We will look for the buy entry when price reach the support level.But we will not enter in a buy position before the confirmation.Please have a look in 4 hour time frame gold technical chart, i have mention support level , bearish invalidation point with a diagram for possible next move.
4 Hour Gold Chart
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Mati Ur Rehman
Gold Analyst @ Dailygoldanalysis.com
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