It was expected gold will touch the support and bounce towards resistance with maximum target 1325-27 in yesterday analysis.XAUUSD move exactly according to the expectations and hit little bit more above our target around 1337 and reverse back to its support level again.I think we may have another good opportunity to buy XAUUSD again from the support level with tight invalidation point.i am sharing only 4 hour time frame chart analysis today.Please go through the gold analysis written below.
Before reading today analysis, please have a look at previous couple of analysis to get the clear understanding, how we predict the trend.
4 Hour Gold Technical Analysis
As per our yesterday analysis, yellow metal move exactly according to our expectations and bounce from the extreme hourly support towards resistance area.Clear rejection from the resistance force gold to reverse back.XAUUSD is trading near to its support level again.We are expecting a bounce from the support 1277-80 area towards 1295 minimum and 1327 maximum.Please keep in mind if gold break its support and move below 12670-66 area, this will be the early indication to change thoughts from bullish to bearish for minimum target 1249 and maximum 1217-21.Please see the 4 hour technical chart below, i have mention possible next movement diagram with invalidation zone.
4 Hour XAUUSD Technical Overview
Support & Resistance
Hourly Support : 1275-77
-Hourly Resistance : 1295-97
Daily Support : 1267-71
Daily Resistance 1333-34
Invalidation : Movement and closing below the support line which is mention in the red color in above chart will invalidate this hourly technical point of view.
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Wish you good luck and happy trading
Mati Ur Rehman
Gold Analyst @ Dailygoldanalysis.com