Gold Price Technical Analysis 2nd Sep 2016
Gold Price Technical Analysis Today
In Our previous gold price analysis , we were expecting price will touch 1301-03 level and then it will bounce for the new high.Market moves exactly according to our expectations.If you look at previous 4 hour technical chart, you will see the accuracy of price movement , which was mention in the gold chart as a diagram.I am sharing 2 different time frame chart analysis today to predict gold price next movement.Please go through the technical gold price analysis written below.
Daily Gold Technical Analysis
Gold is forming a bottom near to its support level.Yesterday gold bounce from its support and close as a small hammer candle which is indicating more possible bullish move today.It is also possible gold may touch its bottom or support level again before a new bounce.Current bottom line is around 1301 level which is very strong trend support.Gold next target may 1343-37 level and movement above 1325 will give more confidence towards the target.Please have a look in a daily gold chart below, I have mention possible next target with invalidation area in the chart.
Daily Gold Technical Chart
4 Hour Gold Technical Analysis
Market moves exactly as per our previous gold forecast in hourly charts.Yesterday bounce from the support level give more confidence towards our next movement thoughts.Current market price of gold is around 1313-14 level.We have two different thoughts today for gold next move.Price may touch its support level again to make strong bottom or it may bounce straight and break the 4 hour resistance around 1317-19.Gold hourly next target is 1343-47 area.Gold is moving in descending channel in 4 hour time frame chart.My suggestion is to wait for the break of channel resistance around 1319-21 level and buy when its retest the support(as per technical rules resistance become suppor after the break).Please have a look in a 4 hour technical chart below, I have mention possible next movement diagram and invalidation zone.
Gold Support Resistance Levels
Gold Today Resistance 1319-21
Gold Today Support 1309-10
Gold Main Trend Support is at 1301-03
Main Trend Resistance is at 1343-47
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Mati Ur Rehman
Gold Analyst @ Dailygoldanalysis.com
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