Daily Gold Analysis 30th May 2016
Good Afternoon Forex Friends
Gold give bearish move overall in previous week movement and trading near to its major support level.Gold may give bounce from its extreme support 1190-88 or 1181-83 in extension.These are the levels which is more important for gold trend.Movement an closing below these level in weekly time frame could change our thoughts from bullish to bearish overall.We will remain bullish if we get bounce from these support levels and our longer term target of gold is still same 1370-90 as long as gold is above the invalidation point .I am sharing different time frame chart analysis to give my logical view about gold.Please read the analysis written below.
Weekly Gold Analysis
Gold is trading near to its support zone in weekly time frame chart.Expecting more downward movement this week towards 1190-88 area which is the final support and psychological buying level for bulls.we will look for buy entry from the support level with target 1235 , 1251 and 1269.Daily closing above 1233 will give more confidence for bullish continuous thoughts.We will change our thoughts from bullish to bearish if gold close below the major support area 1190-88 in weekly candle.Please see the weekly chart below, i mention possible bounce area with invalidation point.
Weekly Gold Chart
I am sharing daily and 4 hour chart below with possible next move diagram and invalidation points.I will post detailed analysis after today closing because of some busy schedule i could share detailed post.