In our last analysis, we expected bullish rally towards a 1351-55 level, The price moves exactly according to the expectations and reverse back from 1346 which is slightly lower price than expected.In the today gold price predictions technical view we will look for the possible next gold movement.
I am sharing a weekly and daily technical overview and their charts below.
Weekly Gold Price Predictions Technical View
The gold hits near to its resistance level and made a high around 1346 which is the little bit lower than our expectations.
The resistance was 1351-55. This weekly closing indicating a bearish move for the correction and it may touch 1301-03 level before a new high. We will look for the buy entry from 1301 towards possible new high.Movement above 1355 will give us confidence towards our longer-term gold target 1399-1401 level.
Please have a look at daily and weekly time frame chart below, I have mentioned possible movement diagram and correction levels for better understandings.
Weekly Gold Price Predictions Chart
Daily Gold Price Predictions Chart
XAUUSD Support & Resistance Levels
XAUUSD Support Zone : 1301-03
XAUUSD Resistance 1 : 1351-55
XAUUSD Resistance 2 : 1399-1401
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Wish you good luck and happy trading with Gold Technical Analysis
Mati Ur Rehman
Gold Analyst @ Dailygoldanalysis.com