Good Morning Gold Riders
In our yesterday analysis we were expecting correction.Price move up and made high at 1303-04 level and reverse back.We believe this correction may end around 1277-81 area that is immediate physiological support.If price move more lower then next support is 1251-55.I am sharing different time frame chart analysis to discuss possible next move.Please go through the analysis written below.
Weekly Gold Analysis
As we discuss in previous analysis we are bullish in gold after the break of descending channel that was forming since few years.Gold long term bullish target is 1370-90. We will have to predict how price will act to achieve the target.We are expecting price may move in a rising channel or make higher high as we mention possible channel in the chart.We will pick lows to ride in bullish rally.Break and close below the support will invalidate our bullish long term target.Please have a look in a chart below.
Weekly Gold Chart
Daily Gold Analysis
Yesterday closing candle was spinning top indicating bearish move today in daily gold chart.This move may end at support area around 1277-81.We will look for buy entry from the support.Gold next target is 1315-17 level. MACD increasing volume is also in favor of bullish move and gaining our confidence.Alternately if gold move more lower and close below the support in daily candle , then next support is at 1260 and 1251 in extension.Technically we are expecting a bounce from first support 1277-81.I have mention possible buying area and target in the chart below.Please have a look.
Daily Gold Chart
4 Hour Gold Analysis
We can predict early confirmation in 4 hour time frame chart.After break confirmation of rising channel gold give a new high yesterday at 1304-05 level and reverse back.channel support is at 1281 level , that will be the possible buying area.I Suggest you to wait for the confirmation of bounce and 4 hour candle closing. MACD in 4 hour time frame chart indicating bearish move to complete the correction.we will have to look for better price to enter in bullish rally.Price may move lower at 1275-77 just to pick the better price for bulls and may bounce back to close above the support in 4 hour time frame.I have mention possible next move diagram in the chart below with invalidation and target points.Please have a look.
4 Hour Gold Chart
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Mati Ur Rehman
Gold Analyst @ dailygoldanalysis.com