Home Gold Forecast Daily Gold Analysis 3rd August 2016
Daily Gold Analysis 3rd August 2016

Daily Gold Analysis 3rd August 2016

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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.

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 Ur Rehman Mati Ur Rehman is a forex analyst having 8 years experience in forex market.He is well known in Gold Analyst and having proof track record.There are many followers of his analysis around the globe.

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