XAUUSD/Daily Gold Analysis 7th September 2016
XAUUSD Analysis Today
In our previous analysis we were expecting bullish move in XAUUSD.Gold move higher exactly according to our expectations and made high around 1353 area in yesterday sesssion.Gold has clearly break its resistance of 1341 and according to technical rules resistance become support after broken.We will look for the buy entry again when gold will touch its resistance again.I am expecting little bit more upward movement today before a correction.Upward movement may end around 1353-55 level and then possible correction towards 1339-41 area in XAUUSD.Best buying gold area is around 1339-41 with minimum target 1367 and 1375 in extension.We will remain bullish in gold as long as gold is taking care of its support levels.i am sharing 4 hour XAUUSD time frame chart analysis , gold next possible movement diagram is mention in the chart.
Note : Movement and closing below 1339 will invalidate bullish thoughts in short term basis and may take gold toward 1323-25 level.Overall targets will remain same 1367 and 1375.
XAUUSD 4 Hour Chart
XAUUSD Support and Resistance levels
Daily Support : 1323-25
Daily Resistance 1367
Hourly Support 1339
Hourly Resistance 1355-57
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Mati Ur Rehman
Gold Analyst @ Dailygoldanalysis.com
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