Good Morning Forex Friends
We were expecting more downward movement in yesterday analysis.Market moves exactly according to our expectations and give a low around 1260 in yesterday session.There is still enough momentum for bearish moves today.I am sharing two different time frame chart analysis to give you view on gold technical setup.Please read the analysis written below.
Daily Gold Analysis
It was expecting more bearish move in yesterday session.Gold move more lower and hit our first target 1263 with a new low at 1260.We are still expecting more downward movement.Gold next support is forming at 1251 level and daily major trend rising support is at 1241-42 level.We may see bounce from two major point 1251 or 1242.
There is some major news this week which will impact gold.We will remain stick with our technical setup and stop loss.Those who are following my daily time frame trade idea, please use stop loss below the rising trend line i mention in the daily chart below.If gold bounce from the trend line, we will set our target minimum 1273 and 1291 in extension.Gold longer term target is at 1327-31 for daily time frame chart.
Alternative if gold move lower and break 1242 level in daily time frame chart, it will take gold towards minimum 1231 level which is also the invalidation of bullish trend in gold.After breaking of 1231 , gold may touch 1201 and 1180 in next bearish target.
Please see the daily gold chart below, i have mention possible bounce area with bullish targets.I also mention the invalidation area with alternative targets for gold next possible move.
Daily Gold Technical Setup
Hourly Gold Technical Chart
I pick 1 hour time frame chart to get the close picture of gold.Gold is forming possible falling wadge in hourly chart.This falling wadge will complete its movement when it will get more closer.It may help us to catch the early signal to jump in the trade.If gold break its resistance , it will shoot up towards minimum 1271-73 , second target 1290-91 , 1327-29 in long extension.Alternately if this falling wadge break from downside below 1251, then we will set our first bearish target at 1241-42 , 1229-30 for second target and 1201-1180 in longer term bearish target.Please have a look in a daily chart below.and leave a comment if you have any concern regarding my chart pattern, Your feedback and comments help us to improve our quality of analysis.
Hourly Gold Technical Chart
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Wish you good luck and happy trading
Mati Ur Rehman
Gold Analyst @ Dailygoldanalysis.com
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Skype : mati_ji