Type to search

Daily Gold Analysis 6th April 2016

Gold Forecast

Daily Gold Analysis 6th April 2016


Good Morning Metal Riders

We were looking for break yesterday to jump in the market.Gold move higher at 1236.50 then reverse back and close below the resistance.Situation is still unclear, We are still looking for confirmation to ride in  the market.I am sharing different time frame thoughts to give logical view about possible next move.Please go through the analysis below.

Weekly Gold Analysis

After breaking the descending channel couple of week before , we set our thoughts to remain bullish in gold un till gold is trading above the support that was previous resistance of descending channel.Gold major support is at 1191-93 level.Gold may bounce from the support or above from the support.Movement above 1237 will give some confidence and closing above 1280 in weekly time frame will give more confirmation to remain bullish in gold.Gold long term target is at 1370-90.If gold fail to bounce from the support and close below the support, we will consider previous break as a false break and will change our thoughts accordingly.Please see the chart below , I have mention support and resistance area.

Weekly Chart

Daily Gold Analysis

Daily candle stick closing is indicating some more bullish movement today.Yesterday high is at 1236.50, Movement above this level will be the indication to achieve the daily next target that is 1249-51 and 1269-71 in extension.Please keep in mind we are bullish in gold  untill price is above the support zone 1191-93.Movement and closing below the support in daily and weekly time frame chart will invalidate our bullish thoughts.If price move lower we will look for better price to enter the market.Gold next support is at 1211-13, Second support may 1201-03 and third and final main support is at 1191 level.I have mention support and resistance area in the chart below.Please have a look.

Daily Chart

4 Hour Gold Analysis

Gold is trading in a range of descending channel that is forming from couple of days.Struggling at resistance indicating a confusion between bulls and bears.If gold break the resistance we will jump in the market after  the break.If gold fails to break the resistance , then price may reverse and give us a new low around 1201-03 or 1191-93 in extension.This area is also a support of descending channel and trend support of weekly chart. Movement and closing below 1191-93 will invalidate our long term bullish view.

4 Hour Chart

1 Hour Gold Analysis

1 hour analysis always give us close picture for possible break or reversal.Gold is trading at resistance zone of 1 hour chart, Tried to beak the resistance twice but it was not happen.Gold give high yesterday above the resistance but close below invalidate that move.We are still looking for break to  jump in the market, or possible reversal to get better price to ride.If gold fail to break the resistance, we may see gold more lower at 1201-03 level or 1191-93.That may b the best area to buy gold with invalidation 5 , 7 points below the main support.Alternate we can buy after the break around 1235-37 level with target 1249-51 and 1269-71 in extension.So keep an eye at 1 hour chart for possible next entry.I have mention some support and resistance levels in the chart below.Please have a look

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.If gold reverse from the resistance then we will look for buy from next support level 1201-03 or 1191-93

Never risk more then 2% of your trade account in single trade.Always trade with proper risk management plan.

Trade Recommendations : Those who want our trade recommendations with proper entry and target points may contact us via email.We have set our minimum fees for the paid clients.

Forex Education : Those who want to learn forex technical analysis can contact us via email.We will start our skype classes session for interested members.

Email : admin@dailygoldanalysis.com

Skype : mati_ji

We always welcome the feedback and comments regarding charts and analysis.

Wish you best of luck for trading

Mati Ur Rehman

Gold Analyst @ dailygoldanalysis.com


Mati Ur Rehman is a forex trader having 11 years experience in the field and knows as a technical analyst. He is an expert in XAUUSD Gold Analysis.

  • 1

You Might also Like

Leave a Comment

Your email address will not be published. Required fields are marked *