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.

Gold Daily

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.

Gold 4 Hour

Never Risk more then 2% of your account in a single trade.Always trade with proper risk management rule.
Feek free to comment below if you have any concern regarding charts and analysis.Your feedback is always welcome.

Wish You Good Luck And Happy Weekend

Mati Ur Rehman
Gold Analyst @ forex.today

One thought on “Gold Daily Analysis 11th March 2016”

  1. Tyler Lund says:

    Good work Mati, it takes a great deal of courage to put your analysis out on the public stage and be a leader in this way. Your doing a great job. Keep it up.

    Tyler

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