Good Evening Forex Friends

Yesterday analysis we were suppose to enter the market from 1221-23 level.Gold give us opportunity to enter the market at 1221 level.Gold next target and resistance level is 1237.I am sharing two different time frame chart analysis to give technical view for possible next move.

Daily Chart Analysis

Current market price of gold is at 1233.I am expecting some more upward movement today.Gold daily target and resistance is at 1267-71 level.Movement and daily closing above 1243-45 will give confidence for the daily target.Minor support become 1220-21 now and longer term bullish trend support is at 1191-93.Movement and closing below the main trend support may change our thoughts from bullish to bearish.Gold longer term target is 1370-90 as long as gold remains above the trend support level.I have mention support and resistance area in the chart below.

Daily Gold forex today

4 Hour Chart Analysis

Gold bounce from the psychological support level that was 1221-23.Next target is at 1237 that is also 4 hour resistance.Break and close above the resistance in 4 hour will confirm next move.If gold break the resistance then next target may 1249 and then 1269-71 level.Those who are not in the trade can wait for the break of resistance and enter the market after confirmation.If you already in a trade , you may close half position at 1237 level and move stoploss to entry point for risk free trade.Please follow the chart i have spoted resistance area below.

4 Hour Forex Today

Note :

Never risk more then 2% of your account in single trade.Always trade with proper risk management plan.

Feel free to comment below if you have any concern regarding charts and analysis.Your feedback is always welcome.

Wish you good luck and happy trading

Mati Ur Rehman
Gold analyst @ forex.today

4 thoughts on “Gold Daily Analysis 31st March 2016”

  1. Oren Dmitry Alexandrovich Shafer says:

    Why are you still bullish on gold when 4hr is clearly in down trend and traders commitment report shows exhaustion for bulls? I cannot be bull before bearish channel is broken.

  2. Dear Oren.

    Thanks for your comment. Let me explain you why i am looking for bullish trades from support.
    Gold recently break long term descending channel in weekly chart , as per the technical rule when resistance break it may become support for next possible buy entry.
    So i am looking to jump in possible bullish rally.Please view the weekly chart below.

    http://www.screencast.com/t/FpzZx2XBMb

    If gold move lower and close below the support in weekly chart, we will consider it a fake break and change our thoughts accordingly.

  3. Nuno Lampreia – Forex.Today says:

    Appreciate all your thoughts Mati…
    Thank you

  4. Dalmas Ngetich - FOREX.TODAY says:

    Appreciated, true to your word it became support

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