Good Afternoon Forex Friends
Yesterday analysis was expecting upward movement with minimum target 1271-73.Gold give a new high around 1284-85 But unfortunately our stop has been hit and price move lower then expected and bounce back. we are still bullish untill price will remain above the resistance.Movement and closing below the support will invalidate out bullish thoughts.I am sharing 2 different time frame chart analysis.Please have a look.
Daily Chart Analysis
Gold is struggling to achieve next target after breaking the resistance.As long as daily closing is above the resistance we will remain in bullish thoughts.Movement and closing below the resistance will invalidate bullish analysis.Couple of reversal candles and bounce from the support area to close above the resistance is giving more confidence for buyers.Today closing in weekly and daily time frame chart may clear the picture for next move.I suggest you to stay neutral wait for the daily closing.I mention support and resistance area in the chart below.
4 Hour Chart Analysis
Gold Bounce from the support of symmetric triangle , This support was previous resistance and now becoming more strong.We may look for buy entry again if gold touch the support again.This will be the good chance to buy from support area with minimum stoploss risk.I mention buy area and invalidation point in the chart below.
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Wish You Good Luck And Happy Weekend
Mati Ur Rehman
Gold Analyst @ forex.today