Gold Price Predictions Update 17th May 2017

We spotted falling wedge pattern in our last analysis and was expected a break from narrow zone towards 1247-51 area. 1221-23 was the confirmation zone.

Gold Price 1-Hour & 4-Hour Analysis

Gold move lower and break the pattern from 1213-14 price although we were expected this break from 1201 zone.

The price moves up after the break confirmation and heading towards our target zone 1247-51.Current gold market price is 1243.Gold is still in a bullish rally and the target may hit in a couple of next hours.

Note: If you don’t know what is bullish, please read our article Define Bullish

I am not expecting any major bearish move unless price touches its resistance zone which could also be the watching area to confirm next possible move.

1241-51 is the hourly resistance zone. we will look for reversal or break of the resistance for trend continuation.Reversal from 1247-51 could take gold towards 1231-33 zone again and if gold break the resistance, then it could be the signal for trend continuation and gold may hit 1265-67 again.

We will discuss our detailed weekly, daily and hourly analysis on the next update.

I am sharing Hourly and 4-hour Technical Chart, please have a look

Gold 4-Hour Forecast Chart

Gold Price Forecast 4Hour Chart 17th May 2017

Gold 1-Hour Forecast Chart

Gold Price Forecast 1Hour Chart 17th May 2017

Gold Support & Resistance Levels

Resistance 1: 1247-51

Support 1: 1237

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Wish you good luck and happy trading with Gold Technical Analysis

Mati Ur Rehman 

Gold Analyst @ Dailygoldanalysis.com