Daily Gold Analysis 4th May 2016 ( Update )
Good Evening Forex Friends
Market move lower according to our morning expectations.Current market price is 1275-76, Expecting little bit more downward movement before a bounce.Today we have some major news ADP- Non Form Employment change which may give confirmation towards our next move expectations.Move above 1285 will give more confidence towards our target. Break and closing 4 hour candle below the support is creating confusion between bulls and bears.As per our expectation this break is for the bulls to get better price.Alternately This broken support may act as a resistance, if price fails to close above 1285 in 4 hour chart.Gold main support of rising channel become at 1251-55 area.Movement and closing below this level will invalidate out bullish thoughts in hourly time frame.I am sharing 4 hour chart below , Please have a look.
4 Hour Update Chart
I am sharing previous 4 hour char for the reference of morning analysis.
4 Hour Previous 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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Mati Ur Rehman
Gold Analyst @ dailygoldanalysis.com