Daily Gold Analysis 9th May 2016
Good Morning Forex Friends
In our Friday analysis we were looking for break or reversal from the resistance around 1288-90.Market move high and break the resistance but close with reversal candle below the resistance in hourly chart.We still have two different thoughts and confirmation points.I am sharing different time frame chart analysis below.
Weekly Gold Overlook
Gold is moving in higher high and lower high direction and forming a possible rising channel in weekly time frame chart.Next resistance of rising channel is at 1315-21 level and support of the channel is become 1251-55 area.Last week candle closing was spinning top indicating bulls are struggling to break the barrier of 1296-1300 level.If gold fail to break this barrier then gold may test the support 1251-55 before heading up.Alternately if price move high and break 1301-03 level in weekly time chart , it may take gold at 1315-21 level.Please see the chart below if mention possible next direction diagram of gold.
Weekly Gold Chart
Daily Gold Overlook
Gold bounce from the daily support level from 1271-73 and give high at 1295-96 in Friday session.Friday overall bullish candle closing indicating more bullish move today.Movement above 1295-96 will give more confidence towards gold daily bullish target 1215-21 level. Immediate resistance is at 1301-03 level.Gold minor support is become 1281-83 now.Daily closing below 1271 will change our thoughts for short term bearish move towards 1251-55 level.We will look for hourly time frame charts to get the closer picture.Please have a look in a daily time frame chart below.I have mention support , resistance and target areas.
Daily Gold Chart
4 Hour Gold Overlook
We love to pick 4 hour chart to get the closer picture and early confirmation regarding gold next move.Gold attempt twice to break the rising channel in 4 hour time frame but reverse back.We are bullish in gold and looking for better price to jump in the bullish rally.Couple of reversal candle in 4 hour time frame chart indicating short term bearish move towards 1271-73 and 1251-55 in extension.We will wait for the better price to jump in the market.If gold bounce and fail to touch these support level then we will look to enter in the market after the break of rising channel resistance 1296-97 with invalidation below the resistance that will become support after the break confirmation.Movement and closing above 1303-04 will give more confidence towards gold next target 1315-21 level.Please go through the chart below , I have mention possible bounce areas and target level.
4 Hour Gold Chart
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Mati Ur Rehman
Gold Analyst @ dailygoldanalysis.com