Daily Gold Analysis 9th May 2016 ( Update )
Good Evening Forex Friends
Downward movement was expected in morning analysis.Gold move lower to its support level and trading in current price at 1272-73.We are expecting little more downward movement 1271-70.That could be the possible bounce area.4 hour closing candle bellow 1270 will take gold to the next support level.If gold fail to bounce from this support then next support is at 1251-55 level.We may get better price to jump in bullish rally from 1255 level.Daily closing below 1251-55 will invalidate our bullish thoughts in daily and hourly trend.Please see the chart below i have mention possible bounce areas with target and invalidation point.
4 Hour Update Chart
I am also sharing previous 4 hour chart for the reference of morning analysis.
Previous 4 Hour Chart
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Mati Ur Rehman
Gold Analyst @ dailygoldanalysis.com