Good Morning Gold Lovers
In our yesterday gold predictions , we were expecting made towards 1255 level which was the hourly resistance and watching area.Gold break the resistance in hourly time frame and made a high around 1263-64 level.We believe more upward movement today.I am sharing hourly chart and analysis below.We will discuss detailed weekly and daily chart analysis in the afternoon session.
4 Hour Gold Analysis
We were waiting for the 1255 level to confirm the reversal or break from the resistance area.Gold move high and break its resistance in hourly time frame.Now the resistance become support for next bullish move.Gold next target may 1271-73 and 1285 in extension.Gold may touch its support around 1251-55 before heading up.We will look for better price to ride with invalidation below the support line. Alternately if gold reverse back and close below the support line 1251 in hourly chart, it will consider a false break and can take gold towards its next support around 1230-31 level.
Please have a look in a hourly chart below, i have mention support and next target levels.
( Please note, I will share detailed weekly and daily chart analysis in the afternoon session)
4 Hour Gold Chart
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