Gold Forecast 25th July 2017
Gold is trading near to its trend resistance level and this will be the watching area to define or predict next gold movement.I am sharing 2 different weekly and daily time frame chart analysis to share my view.
Weekly Gold Forecast 25th July 2017
The weekly trend resistance is forming around 1263-65 area and current market price of gold is 1255-56.Gold made a recent high around 1258 and I believe gold could give more upward movement to touch the final possible resistance 1263-65 area. It may also extend towards 1269-70 area but we will look for the closing of the weekly candle to get the confirmation.
I am expecting a reversal from 1263 towards minimum 1243-45. Movement and weekly closing below 1243 may take gold towards new low and the long target term bearish target is 1187-88.
Alternately: if gold moves up and closes above 1271 in a weekly time frame chart.This will be the earliest indication of a trend change and may take gold towards minimum 1301-03 level. however, the chances for the break of break of resistance is low.
Weekly Gold Price Chart
Daily Gold Forecast 25th July 2017
Gold is trading near to its resistance zone in a daily time frame chart. The possible reverse a head and may b confirm after today closing. The complete bearish candle or a bearish pattern from the resistance zone will confirm the reversal and the daily close below 1243 will give more confidence.
The minimum bearish target after closing below 1243 could be 1217 minimum and 1187-88 maximum.
Alternately: If gold move above and close above the resistance line which is mentioned in the chart below in red line.This will be the indication of bearish invalidation and trend break.In that case, gold may touch to its peak again for minimum target 1301-03.The closing above 1271 will give confidence to buyers.
Please have a look at a daily gold chart below.
Daily Gold Chart Price
Resistance 1: 1261-63
Resistance 2: 1271
Support 1: 1245
Support 2: 1217
Support 3: 1188
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Mati Ur Rehman
Gold Analyst @ Dailygoldanalysis.com