Good Morning Forex Fantasies

Yesterday analysis we were expecting more down movement in gold.Gold move in consolidation phase between 1218-14 level.I am still expecting some more downward movement before heading up.Gold may bounce from 1201-03 or 1191-93 level.I am sharing different time frame chart pattern to give technical view about gold next move.

Weekly Time Frame Chart

As per previous analysis gold is in correction phase after breaking the descending channel resistance in weekly time frame.This correction may end at 1191-93 or above.Longer term  target for gold is at 1370-90 , Movement above 1280 in weekly chart will  give more confidence to the target.If gold move lower and close below the main support 1191-93 , it will invalidate our bullish thoughts.we may change our thoughts accordingly if we get closing below the main support.I am sharing weekly time frame chart please have a look below.

Daily Time Frame Chart

Small  5 point daily bearish candle closing indicate more downward movement today.Gold may touch the support level again , We may get more better price to buy gold.Gold main support in daily time frame is at 1191-93 level and main resistance is at 1269-71.Current market price is at 1215-16 level.I suggest you to wait for the best level to jump in the market .Movement and closing below the main support will invalidate our bullish thoughts.Please adjust your trade and stoploss accordingly.I have spotted support , resistance and invalidation area  in the chart below.Please have a look.

4 Hour Time Frame Chart

Descending channel in 4 hour time frame chart indicating more bearish move today.This move may end at 1191-93 level , We may get possible buy entry from the support of descending channel.If gold fail to touch the support in 4 hour chart then we may look for resistance area of descending channel.If  gold break above the resistance line , Then resistance may act as a support and we will buy from the broken resistance with stoploss  below 5 points.I have mention support and resistance area in the chart below.Please have a look

1 Hour Time Frame Chart

1 Hour time frame chart may give earliest signal to jump in the market.first support is at 1211-13 and second and main support is at 1191-93.we will look for buying entry from the support level.If gold fail to touch the support, then we will look for possible buy entry after breaking the resistance of 1 hour time frame chart.I Suggest you to watch 1 hour chart closely before entering in  the market.Main invalidation point is 1191-93 , Please adjust your stoploss accordingly.We will change our bullish thoughts if gold close below the main support zone in daily and weekly charts.Please have a look in the chart below i have mention support and resistance area.

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Mati Ur Rehman

Gold Analyst @ dailygoldanalysis.com