Good Evening Friends

The gold is trading in a rising channel formation and making higher high and higher low in daily time frame chart.

The current market price is 1222.00

We are expecting a bearish move from current market price towards support level of rising channel 1207-11 area.

Gold may bounce from the support towards new higher high. The minimum target after hitting the support level is 1229.00 and then 1251-53 for the long-term target.

This rising channel formation may take gold towards 1281-85 in the next could of weeks.

We will try to jump in a bullish trades from the dips.

Please have a look at the Daily Time Frame Technical Chart below, I have drawn a diagram for the next possible movement.

Gold Daily Chart

Gold Support & Resistance Levels

Support : 1207-11

Resistance 1 : 1229

Resistance 2 : 1251-53

Resistance 3 : 1281-85

Note : Never risk more then 2% of your capital in a single trade and always trade with proper money management plan.

Please share the analysis with your forex fellows