Good Evening Gold Lovers
We were looking for the break of resistance or reversal from the peak area.Gold fail to break the resistance and move according to our alternate bearish target.Gold made a new low around 1330-31 and trading near to its support level.4 hour major support was around 1341-43 which was already broke in friday session.I believe gold will give more bearish move before a new bounce.I am sharing 2 different time frame chart analysis below.Please read the chart diagram.Detailed analysis will be share during european session.
Daily Gold Analysis Chart
4 Hour Gold Analysis Chart
Gold longer term target is still bullish, But it may give more bearish move before a new high.Please keep in mind , movement above 1347-51 will invalidate our short term bearish thoughts.
Note : Market may volatile today because of Non Farm Pay roll and unemployment US data, We always trade our technical setup, but Volatility in the market can give unexpected move.Please use proper risk management rule according to your capital and trade with proper stoploss.
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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