Range Market In XAUUSD This Week
Gold Predictions Update Analysis 30th June 2017
Gold is trading near to its support level from a couple of days. We expected a correction before a new low in our previous analysis, Gold move high and reverse near to the minimum target level and trading near to its support zone.
Break and close below 1239 was the confirmation area, gold move lower to its support but close back above 1240 which was not considered a break.
Today I am sharing 4-hour time frame chart and some confirmation points to predict next possible move.
Please go through the gold forecast written below.
4-Hour Gold Forecast Update
Gold is trading near to its rising support level in a 4-hour time frame.We can also see the twice pattern in a gold technical chart below.
There is still enough momentum in a gold for a more bearish move if we look at the weekly time frame.We will discuss the weekly and daily time frame in our next upcoming analysis here Gold Forecast
The chances are more bearish than bullish but as long as gold is respecting its support level, we will remain in a watching mode.
The rising support I mentioned in the chart below is a red line. If gold break the rising support then most probably it will hit our next target level 1219-21.
Alternately if yellow metal fails to break the support and bounce back, then we will look for the bullish entry after the break confirmation of descending channel resistance which is around 1258-59 level.
The break of resistance could take gold to the next high around 1271-73.
The confirmation points are written below. Please keep in mind we will consider a break after the closing of 4-hour & daily candle, however, 4-hour chart can give the earliest signal to jump in.
4-Hour Gold Chart
Bearish Confirmation: Break and closing below 1239 will be the bearish confirmation and the target could be minimum 1231 and maximum 1219-21
Bullish Confirmation: Break and closing above 1257-58 could take gold towards 1273-75 which can be considered as an alternate bullish target.
Resistance 1: 1251-53
Support 1: 1239
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Mati Ur Rehman
Gold Analyst @ Dailygoldanalysis.com