Good Morning Forex Friends
In our yesterday prediction of gold, we were looking for the break of symmetric triangle upside or downside.Gold move lower and break its support of symmetric triangle and made a low around 1305 area.Our first target was 1301, which was not hit.Today i am sharing only 4 hour chart to give my logical view regarding gold next move.Please read the 4 hour analysis written below.
4 Hour Gold Analysis
After breaking the support of symmetric triangle , gold move down but fail to hit our first target in yesterday move.We have still bearish thoughts with same target and invalidation area.I am expecting gold may give correction or it can touch the broken support of symmetric again , which is now resistance, then it may reverse back for the low minimum 1301 and maximum 1283-85.I am expecting a bounce fro 1283-85 towards new bullish rally with target 1349-51.
Alternately if gold fail to move lower and price goes upside and break the resistance of 4 hour time frame chart , which is mention in the chart below, it may change our thought from short term bearish to bullish with target 1349-51.I have mention resistance area or bearish invalidation line in the chart below.Please see the chart and trade accordingly.
Note: Some forex friends are getting trouble to make charts, or may b they are not able to get the chart pattern.They can contact me using my email or skype ID.we will discuss with them.
4 Hour Gold Chart
Note : Due to busy schedule , i am not sharing detailed time frame chart analysis today, I will share detailed analysis with all time frame tomorrow.
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Mati Ur Rehman
Gold Analyst @ Dailygoldanalysis.com
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Skype : mati_ji