Daily Gold Analysis 6th June 2016
Good Afternoon Forex Friends
In our previous analysis we were expecting bounce towards 1231 and 1251 in extension.Gold move exactly according to our expectations and made a new high around 1244 in Friday session.We believe some correction before new high.I am sharing different time frame chart analysis below.Please go through the analysis written below.
Weekly Gold Analysis
Previous week bullish candle and bounce from the support zone indicating more bullish move in weekly time frame chart.Movement above 1255 will give more confidence towards new high at 1269-71 area.It is also possible gold may give correction this week towards 1227-31 level.Weekly closing for confirmation is important for this week.Expected price range for this week is 1225 to 1251 level.We will look for hourly and daily time frame charts for confirmation of next move.I draw a weekly chart for better understanding.Please have a look below.
Weekly Gold Chart
Daily Gold Analysis
Gold is trading near to its resistance zone in daily time frame chart. Immediate resistance is forming at 1251-55 area.Gold made high of 1248 in morning session and reverse back with current market price around 1239-40 area.We need daily closing above 1251-55 to remain bullish in gold for next minimum target 1269.It is possible we may see some correction for couple of days towards 1225 zone which is also the best price to buy gold again.We will pick hourly chart to get the confirmation of buying or correction.Please see the daily chart below.I have made diagram of possible next move with invalidation zone.
Daily Gold Chart
4 Hour Gold Analysis
We love 4 hour chart to pick the early pattern and move confirmation points.Gold is forming possible rising channel in 4 hour chart.This rising channel will confirm if price move lower towards 1225-27 area and give bounce.We will look for buy entry from the dips.Please see the hourly chart below , i have made a diagram of possible next move.I will update this hourly chart once the pattern will confirm.Alternately if gold fail to touch support zone and move high towards 1251-55 area, then we will look for the break of 1255 to confirm the bullish rally towards 1269.
4 Hour Gold Chart
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