Daily Gold Analysis 8th June 2016
Good Morning Gold Riders
In our previous analysis we spot the watching area around 1251-55 to predict next move.Gold move completely side ways range between 1234-44 zone.Watching area is still the same today.I am sharing different time frame chart analysis to discuss details and technical views regarding next move of gold.Please go through the analysis written below.
Weekly Gold Analysis
Strong bullish candle in previous week closing indicating more bullish move in gold.Immediate resistance is forming around 1251-55 area.Movement above this area will give more confidence for gold towards its second target which is 1269-71.It is also possible gold may move completely in a sideways direction this week and close with doji candle.This week closing is important to predict gold next move.If gold close above 1255 area, this will be indication to remain bullish in gold.If gold fail to break 1255 area , then mostly like it will touch its nearest support again around 1221-25 area.Weekly major support is at 1190-88.Movement an closing below 1188 will invalidate overall bullish trend.Please see the weekly chart below, i have mention watching area , support and invalidation zone.
Weekly Gold Chart
Daily Gold Analysis
Gold is trading near to its resistance zone in daily time frame chart.Couple of doji candles in daily closing indicating confusion between bulls and bears.It is possible gold may give correction from its resistance area 1251-55 towards 1221-25 minimum.1221 to 1225 is also the rising support area of daily time frame.Movement and closing below the rising support in daily time frame may invalidate overall bullish trend in gold. Alternately if gold fail to touch its support zone and bounce straight away then we will look for closing above 1255 for next buying opportunity with target 1269-71.Please see the daily chart below, i have mention possible next move diagram and invalidation zone.
Daily Gold Chart
4 Hour Gold Chart
We love to pick hourly chart to get the clear picture or to catch early move confirmation.Gold is forming a possible rising channel in hourly chart.This pattern will confirm if gold reverse from the resistance 1251-55 towards 1225 area which is rising support of channel.We will look for buy entry from the rising support area with invalidation below the support line.In that case gold may face next resistance at 1251.Alternately if gold fail to reverse from its immediate resistance 1251-55, then we will look for the break of 1255 zone to confirm next bullish move with target 1269-71.Please see the hourly chart below, i have made a diagram of possible next move, support and resistance with invalidation zone.
4 Hour Gold Chart
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