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Daily Gold Analysis 2nd August 2016

Gold Forecast

Daily Gold Analysis 2nd August 2016

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Good Afternoon Gold Riders

In our yesterday analysis , we were looking for the break of resistance to jump in the bullish rally.Price move slightly high in yesterday session but it was below the resistance.Gold break its resistance in today asian session ,This indicated us to jumo in the market for next possible high.I am sharing 4 hour update analysis below to predict next target for gold.Please go through the analysis written below.

4 Hour Gold Analysis

We are bullish in gold according to our previous few weeks analysis.Price is moving exactly according to our bullish expectations.Break of 1355 area confirms continuation of bullish trend.Gold next target may 1371-73 and 1401-05 in extension.Alternately if gold reverse from current market price and close below 1349 in 4 hour candle stick chart, it will indicate false break.My suggestion to set your stoploss below 1349.Please have a look in 4 hour time frame chart below, i have mention next target and invalidation zone.

4 Hour Gold Chart

 

Note: Never risk more then 2% of your account capital in single trade.Always trade with proper risk management plan.

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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

Email : admin@dailygoldanalysis.com

Skype : mati_ji

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Mati

Mati Ur Rehman is a forex trader having 11 years experience in the field and knows as a technical analyst. He is an expert in XAUUSD Gold Analysis.

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4 Comments

  1. Pawan August 2, 2016

    Great analysis Sir, learning a lot from your chart. please don’t stop the good work. God bless you.

    Reply
    1. Mati Ur Rehman August 2, 2016

      Thanks for your feedback Pawan.We all are learning together
      I Try my best to deliver quality analysis..

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