Daily Gold Analysis 3rd August 2016
Good Evening Forex Friends
In our yesterday analysis we were expecting minimum target 1371 , Gold move high according to our expectations and give high around 1367 but fail to touch 1371 which was next target before correction.Today we have two different thoughts and confirmation points for next possible move.Please go through the 4 hour analysis written below.
4 Hour Gold Analysis
Gold is trading between the range of 1363-67 from couple of hours.Next resistance is at 1371-73 which was our target level before correction.Gold is forming a flag pattern in 4 hour time frame chart after the break of rising channel.We are still bullish in gold but we have confirmation point to follow.If gold break 1367 in 4 hour candle stick, we will look for buy entry after the break with minimum target 1375 and 1383 in extension.Alternately if gold fail to break 1367 in hourly candle,then we will look for the support areas to buy gold, Next minimum support is at 1361 and 1353 incase of extension.
Our longer term target for gold is still 1417-21 as long as gold is taking care of its support levels.
Please have a look in a 4 hour time frame chart below, i have mention possible confirmation points to jump in the market.
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Wish you good luck and happy trading
Mati Ur Rehman
Gold Analyst @ Dailygoldanalysis.com
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Skype : mati_ji