Daily Gold Analysis 28th June 2016
Good Morning Gold Lovers
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In our previous analysis we were expecting bounce from 1251-55 towards target 1327-31.Market move exactly according to our expectations and give a new high around 1355-58 area on Friday session.Market is moving in a sideways from Monday session.I am sharing 3 different time frame chart analysis to give my technical and logical view regarding gold next move.Please go through the gold technical analysis written below.
Daily Gold Analysis
We were expecting a bounce from 1251-55 in our previous analysis in daily time frame chart.Market moves accordingly and give a high at Friday around 1355-58 but close below the daily resistance in daily time frame chart.Daily rising resistance is forming around 1331-33 area.We have to look for reversal or break from this resistance area.If gold reverse from the current market price and fail to break the resistance of 1333, then it may give correction towards minimum 1301 and maximum 1285-87 which will also the best price to buy again.
Alternately If price break and close above the resistance in daily time frame chart, it will take gold towards minimum 1371-73 and 1393-7 in extension.
Please have a look in a daily time frame gold chart below, I have draw rising resistance line ( Watching Area ) and the correction movement diagram in case of reversal.Please adjust your positions accordingly.
Daily Gold Chart
4 Hour & Hourly Gold Analysis
Gold was forming a falling wadge in previous analysis, We were expecting huge bounce after break the wadge from upside, this is what happen in Friday session and market give a new high above 1255 but close below the 4 hour and hourly resistance.These 2 time frame charts give us close and clear picture to get the best entry level.We can see a symmetric triangle pattern forming in hourly and 4 hour chart.I am sharing bullish and bearish confirmation to get the earliest entry point.
If gold break above the resistance of symmetric triangle in hourly and 4 hour chart, It will be early confirmation for the next bullish target around 1341 and second target 1373-75.Gold may touch 1390 in case of extension.
If gold break below the support of symmetric triangle in hourly and 4 hour chart, It will take gold towards 1301 minimum and 1283-85 in case of extension , which will also the best area to buy gold again.Gold longer term target is still valid 1370 and 1391-93.
Please have a look in 4 hour and hourly chart below, i have mention symmetric triangle support and resistance lines in red and black colors for better understanding.
4 Hour Gold Chart
Hourly Gold Chart
Note : We will consider Break confirmation after the closing of candle.
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Mati Ur Rehman
Gold Analyst @ Dailygoldanalysis.com
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Skype : mati_ji