Daily Gold Analysis 29th April 2016
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
Note : Never risk more then 2% of your account capital in single trade.Always trade with proper risk management plan.
Site Announcement And Updates
We are also starting video analysis soon.We are working to make quality videos to give better understanding of our analysis.Our team is working to start education session very soon for beginners to understand the Forex basics.Those who want pro Forex technical analysis course can contact us via email.
Trade Recommendations : Those who want our trade recommendations with proper entry and target points may contact us via email.We have set our minimum fees for the paid clients.
( We close couple of trades with handsome profit yesterday )
Forex Education : Those who want to learn forex technical analysis can contact us via email.We will start our skype classes session for interested members.
Email : firstname.lastname@example.org
Skype : mati_ji
Feel free to comment below if you have any concern regarding charts and analysis.Your feedback is always welcome and help us to improve.
Wish you good luck and happy trading
Mati Ur Rehman
Gold Analyst @ dailygoldanalysis.com