Home Gold Forecast XAUUSD Gold Price Forecast Hourly Update 17th May 2017
XAUUSD Gold Price Forecast Hourly Update 17th May 2017

XAUUSD Gold Price Forecast Hourly Update 17th May 2017

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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 Price Forecast 4Hour Chart 17th May 2017

Gold 1-Hour Forecast Chart

Gold Price Forecast 1Hour Chart 17th May 2017
Gold Price Forecast 1Hour Chart 17th May 2017

Gold Support & Resistance Levels

Resistance 1: 1247-51

Support 1: 1237

Wish you good luck and happy trading

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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 helps us to improve.

Wish you good luck and happy trading with Gold Technical Analysis

Mati Ur Rehman 

Gold Analyst @ Dailygoldanalysis.com

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Mati Ur Rehman Mati Ur Rehman is a forex analyst having 8 years experience in forex market.He is well known in Gold Analyst and having proof track record.There are many followers of his analysis around the globe.

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