Good Morning Forex Fantasies
In our previous analysis , we were expecting bounce from the major support area 1251.It was not happen and market move based on alternate scenario and made a low around 1224-25 are.Now the major support become resistance, we will not enter into the bullish trade unless price break the resistance.I am sharing different time frame chart analysis to give my view regarding gold next moves and target.Please read the analysis below.
Weekly Gold Analysis
Gold was moving in a higher high and lower high direction since last few weeks.The main lower high at weekly time frame support was around 1251-55 and we were expecting a bounce from that support area.Gold break the support in starting of weekly session and trading below the support level with current market price 1227-28.Its early signal to change our thoughts from bullish to bearish for next couple of week for target 1211 , 1201 and 1190-93 in extension.Please keep in mind we will wait for weekly closing candle below the support line to confirm the bearish move.If gold close above the support , i have mention in the chart below with red line then we will not consider it break and may remain in bullish mode.Please have a look in a chart below
Weekly Gold Chart
Daily Gold Analysis
Price break its physiological support at 1251-55 in daily time frame chart and give a new low yesterday around 1224-25 level.It was our alternate expectations.Gold next support is around 1221.If gold close below the 1220 level in daily time frame chart then mostly likely we will see gold around 1211 or 1201 in couple of days.If gold fail to touch 1220 level and bounce back then we will look for daily closing above 1251 to ride in bullish moves again.Please wait for the best price to enter in the market.
Next Support in daily chart is at 1221 , 1213 and 1201.
Resistance is at 1251
Please see the daily chart below for better understanding.
Daily Gold Chart
4 Hour Gold Analysis
We get clear picture and early signal in hourly charts.After breaking the rising channel gold was forming descending channel in 4 hour time frame chart.Next support of descending channel was around 1237 that was break yesterday.Now the support of descending channel become resistance for next move.We will look for sell entry from the resistance 1237-41 with target 1220 and 1211 in extension.Alternately if gold close above the 1241 or in descending channel again, then we will look for the buy entry from 1244-45 towards 1261 which t is descending channel resistance area.Please see the 4 hour chart below.I have mention possible entry and exit points for next move.
4 Hour Gold Chart
Note : Never risk more then 2% of your account capital in single trade.Always trade with proper risk management plan.
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Mati Ur Rehman
Gold Analyst @ dailygoldanalysis.com