Good Morning Gold Lovers
In our yesterday gold prediction we were expecting bullish towards towards resistance before reversal.Market move exactly according to our thoughts and hit the resistance and close with reversal candle in 4 hour time frame chart.I am sharing update 4 hour chart analysis to predict the further gold movement.Please read the analysis written below.
4 Hour Gold Analysis
As per expectations market move high towards 4 hour resistance at 1233-35 area and reverse back with 4 hour bearish candle closing.I am expecting price will reverse back towards our first target today 1301-03 and 1293-95 in extension which may be the best area for new bullish rally towards 1349-51 area.1270-73 area is the final support , movement and closing below the final rising support will invalidate our bullish thoughts.
Gold longer term target will remain same 1370-73 and 1395-97 in case of extension.
Alternately if gold fail to reverse from current market price 1315-17 and move high towards 4 hour resistance again then we will look for the break of resistance to buy gold for the minimum target 1349-51 and 1373-75 in extension.I already mention the resistance black line labeled bearish invalidation in the chart below.Chances are low, we will look for the support area to get the best price.
Please have a look in a 4 hour chart below and get the trade idea, i am also sharing previous 4 hour gold chart for better understanding.
4 Hour Technical Gold Update Chart
Previous 4 Hour Gold Chart
Note : We will consider resistance break confirmation after the closing of candle.
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Mati Ur Rehman
Gold Analyst @ Dailygoldanalysis.com
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Skype : mati_ji