Gold Forecast 8th May 2017 Overview
The bearish movement was expected in previous analysis and the target was 1231.Gold move exactly according to the expectations and made a low around 1221 level.I believe gold is still in a bearish mode and it can move lower after some correction.We will discuss the correction levels in our analysis today.Please go through the three different time frame chart analysis written below.
If you don’t know the term Bullish or Bearish, Please read our article Define Bullish
Weekly Gold Forecast
Gold is trading lower as per expectations and made recent low around 1221, although our target was 1231-33.More bearish movement is expected before a new bounce.Price may give some correction before a new low.The correction could be at minimum 1241 and 1253 in the case of extension.Gold may start a new bearish move after this correction and the next target is 1201-03 which may b the final target for a bearish move.
Please have a look at the weekly gold chart below, I have drawn possible next movement diagram.
Daily Gold Forecast
Gold break its support level in a daily chart and trading below the support level around 1231-32.Broken support becomes resistance now and it may retest before a new low.Expected retest levels are 1241 minimum and 1253 if it extends more.Today daily candle closing could give confirm signal for correction.The berish next targets after the correction is 1219 and 1201-03 which may b the final move before a new bullish rally towards new 2017 high.
Please have a look at daily chart below for trade idea.
4-Hour Gold Forecast
Its always love to share 4-hour chart , because we can predict earliest move if we know how to spot the chart and levels correctly.Well according to 4-hour chart , its looks like market is creating a bottom for next short term bullish move.The trend is still bearish and we are expecting correction for minimum 1241 and 1253 for possible extension.
We may get better price to sell from resistance levels to get good move.
Please have a look at Gold 4-hour chart below to get the trade idea and entry levels.
Gold Support & Resistance Levels 8th May, 2017
Resistance 1: 1241
Resistance 2 : 1253
Support 1: 1219
Support 2: 1201-03
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Wish you good luck and happy trading with Gold Technical Analysis
Mati Ur Rehman
Gold Analyst @ Dailygoldanalysis.com