Good Afternoon Gold Riders
We were looking for the break of resistance yesterday.It was not happen price fail to break the resistance and move lower according to alternate scenerio. I believe short term correction is started and we will look for the buy entry from the support areas to get better price.I am sharing 4 hour time frame chart analysis to give my logical technical view regarding gold next move.Please go though the analysis written below.
4 Hour Gold Analysis
Gold is in correction mode and we have to predict where this correction will end.Current market price is 1351-52 and immidiate next support is forming at 1347-48 level.Gold is trading between the rising channel and rising channel major support is at 1337-38 according to 4 hour time frame chart.We are bullish in gold as per longer term view,this is the reason we will take only buy entry from the support levels.Possible bounce is expecting from 1347 level, if gold fail to bounce and break this immidiate support then the next and better entry level is 1337-38 area.Gold minimum target is 1355-57 after bouning from the support and 4 hour channel target is forming at 1373-75.
Gold longer term target is 1417-21, we will remain bullish in gold as long as gold is taking care of its support levels.
Please see the 4 hour time frame chart below, i have mention rising channel support area with invalidation zone.Movement and closing below the invalidation zone may change our thoughts from bullish to bearish in short term.
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Mati Ur Rehman
Gold Analyst @ Dailygoldanalysis.com
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