Good Afternoon Gold Lovers
Friday closing was indicating some more down movement towards 1201 and 1191-93.Gold move lower yesterday and give a new low at 1205-06.We will look for buy entry from 1201 and 1191 level with invalidation below main support at 1188.I am sharing different time frame chart analysis.Please have a look.
Weekly Chart Analysis
Gold is more likely touch its weekly support that was previous resistance at 1191-93 level.Weekly candle closing also indicating some bearish move.We will wait for the buy entry from the support level.I mention support area in the chart below.Please keep in mind , movement and closing below the support will invalidate our bullish bias.We will change our thoughts from bullish to bearish accordingly .
Daily Chart Analysis
Yesterday daily candle closing was hammer, it gives us bullish signal.We may wait for the better price to enter . Next psychological support is at 1201-03 level and main support is at 1191-93.If gold bounce and close above the yesterday high 1224-45 then the next target for gold may 1237 and 1249 in extension.I suggest you to enter the market from the dip to get better entry point.
1 Hour Chart Analysis
1 hour chart always give us clear picture and we may get early signal to jump in the market in 1 hour chart analysis.I mention some support and resistance level in the chart below.You may get possible buy entry from the support level, wait for the price to touch support.Set your invalidation point below the main support.
1 Hour Chart
Note : Movement and closing below the main support 1191-93 in daily and weekly chart will invalidate our bullish thoughts.Please adjust your stop loss accordingly.
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Mati Ur Rehman
Gold Analyst @ dailygoldanalysis.com