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In our previous analysis we were expecting 1301-05 level before new a bounce.Price move lower and touch 1311 with a bounce but fail to cross 1339 and reverse back.I am still looking 1301-05 level to touch which will be the best area to buy gold for the next new high.I am sharing different time frame chart analysis.Please read the analysis written below.
Daily Gold Analysis
in our previous analysis we were expecting minimum 1313 and maximum 1301 area for buying opportunity.Gold move lower and hit our first target 1311.We are still expecting more downward movement towards 1301-05 area, which may b the best area to buy gold for the next new high above 1400 level.Movement above 1339-41 will give more confidence towards longer term target 1417-21.Alternately if gold break 1301 level, then it is possible, it may touch daily trend support which is around 1277-81 level.Movement and closing below this level in weekly and daily time frame chart will invalidate buying trend.Please have a look in a daily chart below, I have mention possible next movement diagram with invalidation zone mention in it.
Daily Gold Chart
4 Hour Gold Analysis
In our previous hourly analysis , we spotted falling pattern in 4 hour time frame chart, Price does not move exactly between falling wedge pattern , but it move in descending channel pattern but targets are almost the same.We are expecting a bounce from 1301-05 area which is also hourly support.This may b the final support for the gold, Gold may give new high after giving low around 1301-05.Movement above 1335-41 after the bounce will give us more confidence to remain bullish in gold for the target 1371-73 and 1417-21 in long term extension.Using risk management we will set out hourly invalidation Stops below 1293.Please have a look in hourly chart below, I have mention possible buying area and buying confirmation with targets.
4 Hour Gold Chart
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Mati Ur Rehman
Gold Analyst @ Dailygoldanalysis.com
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