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