Daily Gold Analysis 8th august 2016
Daily Gold Analysis
Analysing daily gold analysis,we were looking for the break of resistance or reversal from the peak area.Gold fail to break the resistance and move according to our alternate bearish target.Gold made a new low around 1330-31 and trading near to its support level.4 hour major support was around 1341-43 which was already broke in friday session.I believe gold will give more bearish move before a new bounce.I am sharing 2 different time frame chart analysis below.Please read the chart diagram.Detailed daily gold analysis will be share during european session.
Daily Gold Analysis Chart
4 Hour Gold Analysis Chart
Gold longer term target is still bullish, But it may give more bearish move before a new high.Please keep in mind , movement above 1347-51 will invalidate our short term bearish thoughts and daily gold technical analysis view.
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Mati Ur Rehman
Gold Analyst @ Dailygoldanalysis.com
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