Good Morning Forex Friends
In our yesterday analysis we were expecting correction towards 1281-83 and 1275-77 in case of extension.Price move down and made a low at 1282.50.We are still expecting more downward movement before heading up.I am sharing different time frame chart analysis to give my logical view regarding gold next move.Please read the analysis written below.
Weekly Gold Analysis
Weekly chart helps us to see the big picture about trend and longer term target.After breaking the descending channel in weekly time frame chart we set our long term target 1370-90.Previous week movement above 1283 gives us more confidence.Price may move in a range of rising channel or in a zig zig direction to achieve the target.Weekly support is around 1261-63 level and next resistance is at 1315-17.I have mention possible rising channel formation in the chart below.Please have a look.
Weekly Gold Chart
Daily Gold Analysis
Gold close near to its support level in daily time frame chart.Price move down and give a low around 1282 and daily closing is at 1285-86 level. Immediate support in daily time frame chart is forming at 1273-75 area.Price may touch support before a bounce.Today daily closing may confirm the picture.As our per expectation we are looking for bounce from 1273-75 . If price touch the support and close above 1283-85 in daily time frame chart , it will gives us more confidence towards gold next target at 1315-17 as mention in the chart below.we may change our thoughts from bullish to bearish if we get daily closing below 1269-70 level.Please see the chart below for better understanding.
Daily Gold Chart
4 Hour Gold Analysis
We love to share 4 hour chart to get the closer picture and catch the earliest signal to ride in the market.Gold was forming rising channel from couple of days in 4 hour chart.Gold break the rising channel previous week and gives us thoughts to remain bullish.As per technical rule when resistance break , it will act as a support for bulls.Gold is trading near to its support level in 4 hour time frame chart.We are expecting gold may retest the support before a clear bounce.We will look for buy entry from the support level with minimum target 1301 and maximum 1315-17.I have mention possible next move diagram in the 4 hour chart below.Please have a look.
4 Hour Gold Chart
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Mati Ur Rehman
Gold Analyst @ dailygoldanalysis.com