Good Afternoon Forex Fantasies
Gold break its resistance of 1251-55 in yesterday session and made high around 1263-64 area.Current market price is 1258-59.Our overall point of view in gold is bullish.But we have two different thoughts for buying zone in gold.I am sharing different time frame detailed analysis to share my thoughts for possible next move.Please go through the analysis written below.
Weekly Gold Analysis
Previous week bullish candle closing in weekly time frame chart was indicating more bullish move this week.Its happens earlier session of the week, gold give bullish move and break 1251-55 phycological resistance area.We believe if this week closing will above 1255 level, That will be strong indication for bulls momentum and gold next weekly target will be around 1317-21 level.If gold fail to sustain 1255 area and reverse back with closing below this level.Then we will look for buy opportunity from the dips.Please see the weekly chart below, i have mention possible bounce or reversal zone.
Daily Gold Analysis
Gold break its resistance in yesterday session in daily time frame chart an close above the resistance line we have mention in previous charts.This closing is indicating more bullish moves but it may also touch the support level again which was previously resistance.Daily support is forming at 1247-49 area now.Gold may give correction towards 1249-47 and buyers may jump in the market from this area.Gold next target in daily time frame is at 1269-71 and 1283 in extesnion.Alternately if gold close below 1249-47 in daily candle, it may lead gold towards next support area 1230-31 and 1221-23, which is also become major support trend support area now.Please see the daily chart below, i have mention support and bounce zone with invalidation area.
4 Hour Gold Analysis
We pick 4 hour chart to see the close picture of trend and to spot earliest best opportunity to ride.Gold recenly break its 4 hour trend and rising channel resistance crossover.1251 level could be the strong support for buyers now.Current market price is around 1258 area and it is posssible gold may give correction towards 1249-51 which will be the bouncing area for next target 1269-71.As i mention above we have two different buying zone in today predictions.If gold break 1249 area and move lower, then we will wait for the next support zone which is around 1230-31 area.Buying from the dip is the best idea to ride in bullish market.In that case we will have opportunity to buy from dip with target 1269-71.Movement and closing below the rising channel support in hourly chart will invalidate bullish thoughts for short term period.Please see the hourly chart below, i have mention possible bounce areas and invalidation point.
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