Good Morning Forex Fantasies
Metal Break the resistance of 1229-31 we were expecting since last few days and give a new high at 1243.Our first target was 1249-51.We are still in the trade and looking farward to meet our first target and second target that was 1269-71.We are in the trade and expecting to achieve our next target today.I am sharing different time frame chart analysis to give logical technical view about gold.Please go through with charts and analysis below.
Weekly Gold Forecast
As i describe in previous analysis that we are bullish in gold since we got broken resistance of descending channel that was forming since past yew years.Gold long term target is 1370-90.We were expecting a bounce from the support, this is what happen today.Gold main support is at 1191-93 , we will remain in bullish in gold as long as gold is trading above the support level.Today bounce give us confidence to our bullish bias.Movement and closing above 1269-71 will give more confirmation to our bullish point of view.I am sharing weekly chart with support , Invalidation and target area.Please have a look below.
Weekly Gold Technical Chart
Daily Gold Forecast
yesterday analysis we were expecting a bounce from the support level.Today gold move according to our expectations and hit a new high at 1243 level , closing was at 1240.We are expecting more upward movement today with minimum target 1249-51 and maximum at 1269-71.Gold immediate support is at 1225 , Gold may give some correction before heading up.If gold give correction we may get more better price to jump in bullish rally.Daily main support and invalidation point remains the same 1191-93.We will set new support levels after today closing.I have mention invalidation point , support and target area in the chart below.
Daily Gold Technical Chart
4 Hour Gold Forecast
Yesterday we were expecting and looking to jump in the market after the break of descending channel that was forming in gold since few days.Gold break its resistance and move high at 1243 level.Now resistance will act as a support.We will look for more buy entry if price move lower to the support level.If gold fail to touch the support , we may see gold minimum at 1249-51 level.4 hour next target is at 1269-71.We measure this target by calculating the size of descending channel.Please keep in mind if gold break its support and close back in the channel.We will consider it a false break and may change our thoughts accordingly.I have mention support and target level in the chart below.
4 Hour Gold Technical Chart
1 Hour Gold Forecast
I always trust and look 1 hour chart to catch early signal for next possible move.Gold break and close above 1229-31 level in 1 hour chart give us early signal to jump in bullish rally.Today we are still expecting upward movement , Gold can also give some correction before moving upward.I have set Fibonacci replacement levels in 1 hour chart to predict where the correction may end.Possible buying level is at 1225-27 level with invalidation below 1219-20.We will look for more buy entry if price move lower to 1225-27 area.If gold couldn’t complete the correction we may see gold at minimum 1249-51 level and the next target may 1269-71.Please go through the chart below to adjust your trades with entry and exit points.
1 Hour Gold Technical Chart
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Mati Ur Rehman
Gold Analyst @ dailygoldanalysis.com