Good Morning Forex Friends
In our yesterday analysis we were waiting for the reversal signal from the support areas from 1230-33 or 1220-21.Price move lower without correction and hit the maximum low around 1219 level and heading up for possible bounce.I am sharing different time frame chart analysis with some alternate predictions.please read the analysis written below.
Weekly Gold Analysis
We were bullish in gold as long as price was respecting its support levels.Gold move lower from its phycological support towards next low.Main support in weekly time frame was 1251-55 area.Gold break its support and give a low around 1219 area during current week session.We have two different thoughts for possible next move.If gold close above the 1251-55 level which is the main support of rising channel, then we will continue to ride with our bullish thoughts.If we get weekly closing below 1251 then this support area will become strong resistance for sellers and gold may move towards its next main support around 1201-05 in couple of next weeks.Please wait for the weekly closing to get the clear picture.I have mention 2 different movement diagram in a weekly chart below.please have a look
Weekly Gold Chart
Daily Gold Analysis
Gold move more lower in yesterday session and hit a second support at 1219-20 level.We are expecting a bounce today towards minimum 1235 and 1247 in extension.1219-20 level is the medium term trend support in daily time frame chart.If close above 1235 level today , it will give us thoughts to remain bullish for couple of next days.Alternately if gold move lower and close below the support 1219-20 , then it may take gold towards extreme support level 1201-05 area.Please have a look in a daily chart below, i have mention bouncing or reversal area with targets.
Daily Gold Chart
4 Hour Gold Analysis
We pick 4 hour chart to get the early move confirmation.After breaking the descending channel support , gold give a new lot yesterday around 1218-20 level.We can see a couple of reversal candles indicating a bounce from the support. Immediate resistance is forming at 1233-35 level which is the key watching area.If gold break the resistance upside that was previously support of descending channel , it may take gold towards 1243-45 area.If gold fail to break the resistance of 1233-35 and reverse back, then gold can touch the support again at 1220-21 level.Break of 1220 level in hourly time frame chart can move gold towards its extreme support at 1201-03.We are in favor of bullish today and will look for 1233-35 area for break confirmation with target 1243-45.Please have a look in hourly chart below.I have mention possible next movement with alternate scenario and target points.
4 Hour Gold Chart
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Mati Ur Rehman
Gold Analyst @ dailygoldanalysis.com