Good Afternoon Forex Friends
Yesterday analysis was expecting more downward movement.Price is moving in a range and we are still expecting downward movement with target 1211-15.I am sharing Daily and 4 hour time frame chart analysis to give logical view.Please have a look.
Daily Chart Analysis
Bearish engulfing from the resistance level and bearish divergence forming in daily time frame chart gives confidence and confirmation of downward movement we are expecting since last few days.Minimum target may 1211-15 and 1191-93 in extension.I am also expecting some upward correction before a new low and that movement may end at 1239-45 level.Please keep in mind if gold close above the resistance 1251-55 in daily time frame chart.Our bearish thought will be invalidated in that case.
4 Hour Chart Analysis
After breaking the symmetric triangle rising support , Gold is moving below the support . This support will act as a resistance.We may get better price to sell again gold from the resistance level 1239-45.Price is moving in a range of 1227 to 1235 level.Once it break the range we may see gold at 1215 level very soon.4 hour closing above the resistance will invalidate the bearish concept.Please adjust your stoploss accordingly.
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Wish you good luck and happy trading
Mati Ur Rehman
Gold Analyst @ forex.today