Good Morning Forex Friends
In our previous analysis we were expecting bounce from the support at 1240 towards minimum 1253 and then 1271-77 in extension.Gold move exactly according to hour expectations and bounce from the support with target 1270-71 area.we are expecting more upward movement.I am sharing different time frame chart analysis to predict next possible move about gold.Please read the analysis written below.
Weekly Gold Overlook
As we discuss before we are bullish in gold after the break of descending channel and our first target was 1277-81 , yesterday bullish movement give us more confidence towards our longer term target 1370-90.We will look for weekly closing to predict further movement.If gold break and close above 1283 in weekly candle stick, it will gives us confidence to remain bullish in gold.gold first support in weekly time frame is 1230-33, and main support and invalidation point is 1191-93.Movement and closing below the main support will invalidate our bullish bias.Please see the chart below , i have mention support, longer term target and invalidation area.
Weekly Gold Chart
Daily Gold Overlook
Gold was trading between symmetric triangle since last few days, Yesterday movement and closing above the resistance of symmetric triangle confirms the break , gold next resistance is at 1277-81 in daily time frame chart.It may give correction before hitting the target.As per the technical rule when resistance break it will become support.So we will consider daily support at broken resistance level 1243-47 area possible buying level.If gold fail to touch support , we will look resistance area for break or short term reversal.Daily bullish momentum in MACD is gaining strength,that is early indication for upcoming strong bullish move.Watching area is 1277-83 level and possible buying zone is 1252-53 and 1243-47 for more better price.Please have a look in a chart below, Support and resistance areas are mention in the chart.
Daily Gold Chart
4 Hour Gold Overlook
Gold bounce from the support of rising channel in 4 hour time frame chart as per expecting in previous analysis.Current market price is 1266-67 and resistance of rising channel is at 1277-81 area.We are expecting more upward movement today from the immediate support level at 1261-62 area.If gold break the support in 4 hour time frame then next support is at 1252-53 and 1243-47 in extension.Invalidation of rising channel is at 1239-40.Movement and closing below this level will invalidate the rising channel.As long as gold is trading between the channel, we will look for the buy entry from the support levels.If gold fail to touch the support again then we will look for reversal or break from 1277-81 area.Please see the 4 hour chart below, i have mention possible buying areas and resistance level with invalidation point.
4 Hour Gold Chart
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Mati Ur Rehman
Gold Analyst @ dailygoldanalysis.com