In our previous daily gold technical analysis, we were expecting bullish move overall, This is what happen in friday session and gold move exactly according to our expectations.We are still bullish in gold and believe gold may more give bullish movement this week.I am sharing two different time frame chart analysis to give my logical view about gold next move.Please go through the analysis written below.
Daily Gold Price Technical Analysis
Gold price according to current market is around 1323-24 level, Friday bullish movement gives more confidence to our bullish thoughts.I believe gold may give more bullish movement today.Gold price movement above 1325-26 will give more confidence towards our target 1341-43 area.It is also expecting gold may give small correction before a new high, we will look the possibity of correction in hourly chart.According to daily time frame chart, Gold is bullish and next minimum target is 1333 and 1343.Please have a look in a daily chart below, which is showing gold price movement pattern.
Daily Gold Price Technical Chart
4 Hour Gold Price Analysis
4 hour gold chart gives clear view about next movement possibilities.Bullish movement in friday session gives more confidence.Expecting little bit correction towards 1317-18 , Gold may give new high around 1333 and 1341 in extension after the correction.Break above 1325 will give more surety towards next target.Please have a look in 4 hour time frame chart below, i have mention possible next movement diagram and alternate zone.
Gold 4 Hour Technical Chart
Gold Daily and Hourly Support & Resistance levels
Daily Gold Resistance 1341-43
Daily Gold Support 1307-08
Hourly Gold Resistance 1325-26
Hourly Gold Support 1316-17
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Mati Ur Rehman
Gold Analyst @ Dailygoldanalysis.com
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Skype : mati_ji