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.

Weekly Gold Chart

Weekly Gold Chart

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.

Daily Gold Chart

Daily Gold Chart

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.

4 Hour Gold Chart

4 Hour Gold Chart

Hourly Gold Chart

1 Hour Gold Chart

Note : Never risk more then 2% of your account capital in single trade.Always trade with proper risk management plan.

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Feel free to comment below if you have any concern regarding charts and analysis.Your feedback is always welcome and help us to improve.

Wish you good luck and happy trading

Mati Ur Rehman

Gold Analyst @ Dailygoldanalysis.com

Email : [email protected]

Skype : mati_ji

The post Daily Gold Analysis 20th June 2016 appeared first on Daily Gold Analysis.

Daily Gold Analysis

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