Gold Analysis Today
In our previous , we were expecting a bounce from 1201-05 level.Gold move exactly according to our expectations, Gold made low around 1205 and bounce back. We have two different thoughts and invalidation points today.I believe gold has been complete its lower move and its time to bounce back towards the 1249-51 area.It is also expecting gold may touch its support again 1201-05 before a new high.I am sharing 2 different time frame chart analysis below with my logical thoughts.Please have a look at the gold analysis today.
Those who didn’t read the previous analysis, please view the previous analysis to get a clear understanding , how we predict gold.
After bounce from the support zone , gold is trading above to its support level.It is possible that bearish move is end and gold already made a bottom near its support zone , Ready to make a bullish move towards 1249-51.Movement above 1227 will give more confidence towards bullish thoughts.Alternately if gold fails to move above 1227, then it may touch its support area again 1201 which may b the best opportunity to buy gold at a low.Please keep in mind if gold move and close below 1190 on the daily chart, this will invalidate our bullish thoughts and may take gold towards next support around 1151-55.Please see the daily gold chart below, I have mentioned possible bounce diagram with targets area and invalidation zone.
4 Hour Gold Analysis
Gold is trading in a small rising channel in 4-hour time frame chart. Support of rising channel is at 1213-14 and next resistance is forming at 1225-27 level.Current market price is 1216 . We are expecting 1227 level soon and it is also our first target.Alternately if gold moves lower and breaks the support 1213-14 which is mentioned on the 4-hour chart below.It will invalidate hourly rising channel and may take gold towards its support zone again at 1201-05 level.Please have a look at an hourly chart below.
Support & Resistance
Hourly Support : 1213-14
-Hourly Resistance : 1226-27
Daily Support : 1201-05
Daily Resistance 1249-51
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Wish you good luck and happy trading
Mati Ur Rehman
Gold Analyst @ Dailygoldanalysis.com