Good Evening Forex Friends
In our yesterday analysis we were expecting a correction towards 1225-27 level before a bounce.Gold move sideways in today session and made a low around 1235 area.I have made some changes and alternate structure of possible next movement.Please go through the hourly analysis written below.We will share detailed analysis tomorrow.
Hourly Gold Analysis
Gold move sideways overall in today session and made a low around 1235 and bouncing back.We believe gold is forming a possible rising channel for next move.We will have to look either it will break its resistance of 1251-55 or it will reverse back to touch the support of rising channel.Lets make things clear.If gold close above the black line which is the main resistance , in the same time this resistance line crossing over the rising channel resistance line around 1255 area.If gold close above the resistance , we will look for buy entry after the break with invalidation below the resistance.If gold reverse from the resistance then we will look to buy from the bottom line which is also the support of rising channel around 1225-27 area.Please have a look in a chart below, I mention possible next movement diagram in the chart.
Hourly Gold Chart
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