Daily Gold Analysis 5th August 2016
Good Afternoon Forex Friends
In our yesterday analysis we were expecting a bounce from minimum support 1347, Gold made a low around 1349 and bounce according to our expectations.Current market price is 1361-62. Gold is forming resistance at 1365-67 area.We are still bullish in gold but we will look for the break confirmation to jump in the market.I am sharing 4 hour time frame chart analysis to give my logical view regarding gold next move.Please go through the analysis written below.
4 Hour Gold Analysis
Gold is trading near to its resistance zone after yesterday bounce.We are still bullish in gold but rejection from resistance can give short term bearish move towards 4 hour major support level.We will look for the confirmation before we enter in the trade.If gold break 1367-68 which is 4 hour resistance , we will jump in the market after the break with minimum target 1375 and 1383 in extension.Alternately if gold fail to break the resistance and reverse back, then the confirmation area for reversal is around 1355-56 level, Movement below 1355 will take gold towards its 4 hour support 1341-43.Please have a look in a 4 hour time frame chart below, i have mention Break confirmation and alternate target zone.
Note : Market may volatile today because of Non Farm Pay roll and unemployment US data, We always trade our technical setup, but Volatility in the market can give unexpected move.Please use proper risk management rule according to your capital and trade with proper stoploss.
Note: Never risk more then 2% of your account capital in single trade.Always trade with proper risk management plan.
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Wish you good luck and happy trading
Mati Ur Rehman
Gold Analyst @ Dailygoldanalysis.com
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Skype : mati_ji