Gold Technical Analysis 17th Nov 2016
Good Evening Gold Trading Lovers
Yellow Metal is moving in a small range after the huge fall in a previous week.We were expecting little bit more downward movement before a new bounce.The gold move lower but remain above the daily support level.XAUUSD is moving between the range 1211 and 1230 from a couple of days.Today I am sharing update 4-hour chart to predict next possible movement.Please go through the gold analysis written below.
Yellow Metal is trading between small range and forming a rising wadge in 4-hour time frame chart.Lower High and higher high movement helping us to spot the resistance and support levels.Our main thoughts are bearish and we are looking for the break of support line to jump in the bearish trade for minimum target 1211 and maximum 1201-05.Alternately if XAUUSD breaks its resistance which is mention in a red line in the hourly chart below, It will invalidate our bearish thoughts and may take price towards new high around 1281-85 which is also the main resistance of trend.Please keep in mind we will consider break after the closing of a 4-hour candle.Please have a look at a 4H chart below to get the idea.
Support & Resistance
Hourly Support : 1219-21
-Hourly Resistance : 1231-33
Daily Support : 1201-05
Daily Resistance 1249-51
Note: Never risk more than 2% of your account capital in single trade.Always trade with the proper risk management plan.
Feel free to comment below if you have any concern regarding charts and analysis.Your feedback is always welcome and help us to improve.
Wish you good luck and happy trading
Mati Ur Rehman
Gold Analyst @ Dailygoldanalysis.com