Good Evening Gold Lovers
We were expecting some bullish move yesterday, that was not happen and alternate works.Gold move downside and break its first and second support.I am expecting little more downward movement towards main support.We may buy gold from the next support 1191-93.I am sharing weekly, daily an 1 hour time frame analysis to give picture for possible next move.Please read the analysis below.
Weekly Gold Analysis
Gold is most likely to touch its support level of broken descending channel that was previous resistance become support.This weekly closing may give some clear picture to analyse next move.As long as gold is above the support we will remain bullish.Movement and weekly closing below the support 1191-93 will invalidate our bullish thoughts.Gold longer term target remains the same 1370-90.We will wait for the confirmation of bounce in shorter time frame charts.I mention the support area in a chart below.
Daily Gold Analysis
Gold move lover today to touch 1211 area and bouncing back.I believe gold may move little more downside to complete its divergence that was forming in daily chart pattern.Next support is at 1191-93.This will be the exact area to buy gold from.Gold possible next resistance is at 1233-37 area.Please see the chart below, next support area is mention.Gold can also give some correction before next down movement.We will look for buy entry from the support level.
1 Hour Analysis
Yesterday gold break the support of symmetric triangle that was forming in the 1 hour time frame chart and move lower to touch the second support 1211.Hourly chart always give us early prediction , i have mention the next support and resistance area in the chart below.if gold bounce back , then the next resistance will be the watching area at 1233-37.We will remain neutral untill we get the proper confirmation of bounce back from the support.1211 and 1191-93 is the possible buy area with first target 1233.
1 Hour Gold Analysis
Note : Movement and closing below the main support 1191-93 in daily and weekly chart will invalidate our bullish thoughts.Please adjust your stop loss accordingly.
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Wish you best of luck for trading
Mati Ur Rehman
Gold Analyst @ dailygoldanalysis.com