Good Day Gold Lovers !!
In our previous gold forecast, we were expecting a bullish movement towards 1301, this is what happened and gold touches its minimum resistance level and breaks it for the new high. Current market price of gold is 1319-20.I am expecting more bullish movement for the next week after a small correction. Today I am sharing 2 different time frame chart analysis to give my technical gold overview.
Weekly Gold Forecast 7th January 2018
Gold is bullish on a weekly movement as per expectations. Current market price is around 1319-20. The gold minimum target for next movement may 1351-55, but I am also expecting a correction before a new rally.
Gold could move for a dip in the start of the week and may touch its minimum support level 1291-95 which will be the best price for gold buyers.
Please have a look at weekly forecast chart below, I have mentioned the resistance and possible targets levels.
Weekly Gold Forecast Chart January 2018
Daily Gold Forecast 7th January 2018
The purpose to share daily gold chart is to get the proper closest overview about our predictions.The gold previous day closing is indicating a bearish move and we are also expecting a correction at this level.Now we will look when this correction will end.
The minimum support level for gold is 1301 and maximum is 1291-95 level. As per current movement, gold may touch its maximum support level before a new high.We will look for buy entry from 1291-95 and the next target could be a 1351-55 level which is also the next gold resistance.
Please have a look at the daily gold chart below, I have mentioned possible expected movement diagram with the target levels.
Daily Gold Forecast Chart January 2018
Note: I will share the long-term target with details in my next analysis.
Wish you good luck and happy trading
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Wish you good luck and happy trading with Gold Technical Analysis
Mati Ur Rehman
Gold Analyst @ Dailygoldanalysis.com