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Daily Gold Analysis 9th May 2016 ( Update )

Gold Forecast

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

Note : Never risk more then 2% of your account capital in single trade.Always trade with proper risk management plan.

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Feel free to comment below if you have any concern regarding charts and analysis.Your feedback is always welcome and help us to improve.

Wish you good luck and happy trading

Mati Ur Rehman

Gold Analyst @ dailygoldanalysis.com


Mati Ur Rehman is a forex trader having 11 years experience in the field and knows as a technical analyst. He is an expert in XAUUSD Gold Analysis.

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