Good Evening Forex Friends
Gold fails to touch support again and bounce from 1215-16 level.Current market price is 1234.This could be the watching area.If gold break the resistance of 1234-35 and close above the risistance in 1 hour and 4 hour chart.We will look for buy entry after the break with invalidation below 5 to 7 points of support line. MACD is also indicating bullish volume.I suggest you to watch the resistance area closely and jump in the market after the confirmation of break.I am sharing update 1 hour chart for your understanding.Please have a look below.
1 Hour Update Chart
Previous 1 Hour Chart
Note : Please wait for the confirmation of break.Confirmation depends on closing of 1 hour or 4 hour candle stick.First target after break confirmation may 1247-51 and second target may 1267-71
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Mati Ur Rehman
Gold Analyst @ dailygoldanalysis.com