Bullish trend in gold holds the market from a couple of weeks. The break of 1301 level confirms the bullish continuation trend and it seems gold could hit 1395-99 in its next bullish rally.
Gold is in a correction mode and we have to look how long the correction will take and what could be the best price to buy gold. I am sharing daily time frame chart analysis today to give my view and expected gold levels.
Gold Daily Technical Analysis Predictions Overview
Gold hit 1357-58 level recently which is the high price of 2017.Gold is in a correction mode now and it may hit minimum 1301-03 level, which was also the previously broken resistance that becomes support.
Current gold price is 1321-22.
1301-03 is the watching area for gold to look for bounce and the buying entry. We will stay neutral until we get the confirm entry point and bouncing the signal from the support level.
If gold breaks its first physiological support and closes below 1301 level in a weekly time frame chart, it will be the earliest signal for an extension of correction and could hit 1280 level which will be the best area to buy gold.
The overall trend is bullish, so we will look only buy entry from the support levels.
Please have a look at daily time frame chart, I have drawn a possible movement diagram for better understanding.
Daily Gold Price Chart 14th Sep 2017
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Wish you good luck and happy trading with Gold Technical Analysis
Mati Ur Rehman
Gold Analyst @ Dailygoldanalysis.com