Good Morning Forex Fantasies
In our yesterday analysis we were expecting more downward movement toward 1273-74.gold move down and made a low at 1272 area and bounce back.Today we have two different thoughts and confirmation points for possible next move.Please go through the analysis written below.
Weekly Gold Analysis
Gold is forming a possible rising channel in weekly time frame frame.After breaking the descending channel that was forming since few years we set our thoughts to remain bullish in gold with target 1370-90.We have to pick every dip for bullish moves.Rising channel next resistance is around 1315-17 and support become at 1255-61 area in weekly time frame chart.We are expecting price will touch the resistance and reverse back to touch rising channel support.If gold move lower without testing the resistance , we will look for buy entry from the support of rising channel.Movement and closing below the rising channel in weekly time frame chart will invalidate our bullish thoughts.Please see the chart below i have mention possible movement diagram of rising channel.
Weekly Gold Chart
Daily Gold Analysis
Gold bounce from the support level and close around 1280 area.we have two different thoughts for today market expectations.Our next target expectations are still same as per previous analysis 1301-03 and 1315-17 in extension.Movement and daily closing above 1295 will give more confidence towards our target.Alternately If market fail to move above 1287-88 that was yesterday high and reverse back with closing below 1271.It will take gold towards next support level that is around 1259-63 area.We will have to look shorter time period chart for movement confirmation.Please see the chat below to get better understading.
Daily Gold Chart
4 Hour Gold Analysis
Hourly charts help us to catch early move confirmation.In our yesterday analysis we were expecting more downward movement before a bounce.Gold move exactly according to our expectations and bounce from 1272 and close at 1280-81 level. We can see the falling wadge pattern in 4 hour chart , It gives us thoughts gold may reverse back if price fail to break the resistance of falling wadge and rising channel that is around 1285-87 level.In that case we will have to look from where price will break this wadge before jump in the market.Next wadge support is around 1263-65 area.We will keep an eye at 4 hour chart to look for confirmation of break.Current market price is 1282-83 and we will wait to see the break of resistance in 4 hour chart.Our targets are still same as per yesterday analysis 1301 and 1315-17 in extension.Alternately If price fail to break the resistance and reverse back then we will look for buy entry from the next support of wadge around 1263-64 level.I suggest you to enter in the market after the confirmation of break.Please have a look in a 4 hour chart below.I mention possible buying area in the chart.
4 Hour Gold 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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Wish you good luck and happy trading
Mati Ur Rehman
Gold Analyst @ dailygoldanalysis.com