Good Morning Forex Friends
In our previous analysis we were expecting more bearish move in friday session.It was not happen and price move high but remain below the invalidation point in hourly charts.We are still expecting bearish moves before a new bounce.We have some confirmation and invalidation points today to get the better idea for bearish moves.I am sharing different time frame chart analysis below.
Weekly Gold Overlook
We are bullish in gold since few weeks.Gold is trading in a rising channel in weekly time frame chart.Next resistance of rising channel is at 1327-31 and rising support is forming at 1251-55.Previous week closing are indicating more bullish move this week.But at the same point we have some bearish pattern in shoter time frame charts.So we are setting the confirmation points for next move.If gold move high above 1303-05 level, this will be early indication for bearish rejection and gold may touch 1327-31 level without correction.Please see the weekly chart below, i mention the reversal and bullish continusion arrows with price confirmation points.
Daily Gold Overlook
Thursday closing was indicating strong bearish move at friday session.It was not happen in friday market session and gold move high but remain below the invalidation point.We are not in a favor of bullish move today.We are still expecting downward movement towads minimum 1269 and 1251-55 in extension.Gold may give us buying opportunity from the support area 1251 with target for new high at 1327-31.Alternately if gold reject bearish move and price trade above 1303-05 level then it will be early indication to change our thoughts from bearish to bullish move with target 1327-31.Please have a look at daily gold chart below, i have mention possible next move diagram and invalidation points.
4 Hour & 1 Hour Gold Analysis
Gold was trading in rising channel in 4 hour and 1 hour chart analysis.After breaking the rising channel support in thursday session.We were expecting a correction towards hourly resistance which was previously support of rising channel.Gold move exactly according to our hourly trade idea in friday session and touch its resistance.Now we have invalidation point for this trade.We will set our invalidation or stoploss above 1303-05 level and our minimum bearish target is 1269-71 and 1251-55 in extension.Those who are looking to buy gold should wait for the better price near 1251-55 area.Alternately if gold move high and close above 1303-05 level.Then we will suggest to buy after the closing of 1305 with target 1327-29.Please see the 4 hour and hourly chart below for better understanding of our analysis.
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Wish you good luck and happy trading
Mati Ur Rehman
Gold Analyst @ Dailygoldanalysis.com
Email : [email protected]
Skype : mati_ji