XAUUSD Gold Price Forecast May 2017

Gold Price Forecast 2nd May 2017

In our previous gold predictions, we expected the bearish move towards a 1253-55 level, This is what happened in gold, The price move exactly according to the expectation and hit our bearish target. Current gold price is at 1253 level.

We are expecting more bearish move this week. I am sharing three different time frame chart analysis below to share my thoughts about gold next move.

Weekly Gold Price Predictions

After reverse back from the resistance zone, Gold is moving in a bearish direction and hit our expected target around 1253-55 area.There is still enough momentum in gold to remain in bearish bias.The next support is forming at 1247 level.Break and close below the support level on a weekly time frame chart could be the earliest indication for more bearish move towards 1231 level.

The watching area for gold is at 1247 level. We will look for daily and hourly charts to get the earliest price confirmation.

Please have a look at the weekly chart below, I have mentioned possible next target areas.

Weekly Gold Price Chart 2nd May 2017

Daily Gold Price Predictions

Gold is a bearish move as per expectations, We will remain bearish unless we get proper reversal confirmation.The next support in gold is forming at 1247 level which is also the watching level for next gold move.If gold break 1247 in a daily chart, this will lead gold towards next support level 1231-33 zone. The correction may start from 1231-33.

1245-47 area is the watching area to either for upside move or more bearish setup.

Please have a look at daily gold price chart below, I have mentioned possible next movement levels.

Daily Gold Price Chart 2nd May 2017

4H Gold Price Predictions

The hourly chart helps us to predict the earliest move, it also gives us confidence towards our directions. Gold 4-hour chart is also indicating a more bearish move.The next minimum support is at 1247 level which will be the watching area to get next movement confirmation.

Bounce from the support may take gold towards 1263-65 area again, whereas a break of the support in the hourly and daily chart could take gold towards next bearish level at 1231-33.

Please have a look at 4-hour chart below, I have mentioned the watching zone.

4-Hour Gold Price Chart 2nd May 2017

Gold Support & Resistance Levels April 25th, 2017

Resistance 1: 1263-65

Support 1: 1247

Support 2: 1231-33

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Wish you good luck and happy trading

Mati Ur Rehman

Gold Analyst @ Dailygoldanalysis.com