Good Afternoon Forex Friends
In our yesterday analysis , we were looking for break or bounce . Price move lower but remain above the invalidation point and bounce back from 1231 level . Current market price is 1246-47 and market may resist at 1251-53 area.I am sharing different time frame chart analysis to give my view regarding next possible gold move.Please go through the analysis written below.
Weekly Gold Analysis
In overall gold prediction we are bullish as long as gold is trading above the support level of broken descending channel.By calculating the size of channel we set our target at 1370-90 and we will have confidence if price break above 1283 in weekly time frame chart.Invalidation If gold move and close below 1191-93 that is main trend support, it will invalidation our bullish bias.I have mention possible bounce area with target and invalidation points in weekly chart below.
Weekly Gold Chart
Daily Gold Analysis
Gold is trading in a range of symmetric triangle and getting more closer.Next resistance is at 1251-53 level and support is become 1235-37 area . This close movement indicating a big move once this triangle break either upside or downside.If daily close break upside then next target will around 1277-81 area.In other picture if gold break below the support level , we might see gold at 1201-03 area.My suggestion is to watch key areas 1251-53 for bullish break and 1235-37 for bearish break.We will consider break after the closing of daily candle.Please see the chart below , i have mention the possible break and target areas.
Daily Gold Chart
4 Hour Gold Analysis
4 hour technical chart gives us early signal and close picture towards possible next move.Gold is trading in a rising channel in 4 hour time frame.We get clear bounce from the support of rising channel yesterday.Gold first resistance is at 1251-53.We will look for the break of that resistance in 4 hour candle stick closing.If we get 4 hour closing above the resistance level , we will enter in the market with target 1275-77 or 1283 in extension.If gold reverse back from the first resistance then it may touch the support level again.Alternately if gold break below the support area of rising channel , then we will look for sell entry after the break with invalidation above the broken support that will become resistance after the break.Please be patience and enter your trades after the break confirmations.Please view the 4 hour chart below, I have mention possible movement diagram in the chart.
4 Hour Gold Chart
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Mati Ur Rehman
Gold Analyst @ dailygoldanalysis.com