Good Morning Forex Friends
In our yesterday analysis, we were looking for bullish move after the break of 1233-35.Price move up but fail to break the resistance and reverse back with a new low around 1210-11.Gold is in oversold condition in hourly chart but there is still enough selling momentum in daily and weekly time frame chart.I am sharing different chart analysis to share my thoughts regarding next move.Please go through the analysis written below.
Weekly Gold Analysis
Gold break its main support of rising channel in weekly time frame chart.We are waiting for weekly closing to confirm this break.If gold close below the support , It will change our thoughts for bearish mode with target 1201 and 1190 in extension.Alternately if price move up today and close above 1250-51, it will change the picture and may take gold towards 1269-71 in next week.Please have a look in a chart below, i have mention support and resistance area with confirmation points.
Weekly Gold Chart
Daily Gold Analysis
Gold move sideways during yesterday session and give a new low in today early morning movement.Current market price is around 1220-21 which is support zone of daily time frame chart.We are neutral in the market until we get clear trend.If gold continue its bearish movement then the next support of daily time frame is 1201-03 area .Movement and closing below 1190-93 in daily time frame chart will invalidate over all bullish thoughts. Immediate resistance is forming at 1231-35 level.If gold respect the resistance and reverse back then it is most likely we will get the buy opportunity from the extreme support area 1201-03 towards 1251-55.Alternately movement and daily closing above 1231-35 will take gold towards 1251 level which is the main watching area to confirm the trend.Please have a look in a daily time frame chart below, I have mention support and resistance zone with next possible movement diagram.
Daily Gold Chart
4 Hour Gold Analysis
We were looking for the break of 1231-35 for bullish move yesterday.Price fail to break its resistance and move in alternate expectations towards 1211-13.Picture is still not clear.Oversold condition in hourly charts are in favoring of bullish movement or correction towards 1231-35 today.Gold watching area for possible next move is 1231-35.If gold move and close above 1231-35 in hourly chart , it will be early signal to jump in bullish rally towards 1251-55 level.Alternately if gold reverse from 1228 or 1233 level again , then it will take gold towards 1201-03 level which is extreme support of daily and hourly time frame chart.In that case we may get the better price to jump in bullish rally from 1201-03 towards 1251-55.Please see the 4 hour chart below , i have mention support and resistance areas.
4 Hour Gold Chart
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( This week was not as good as previous weeks.We got stoploss hit in couple of trades.Its happens in forex market, we will look for better opportunity from next week )
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Wish you good luck and happy trading
Mati Ur Rehman
Gold Analyst @ dailygoldanalysis.com