Good Morning XAU USD Lovers
In our previous analysis of XAU USD , we were expecting little bit downward movement towards 1258 before a new high, Price move exactly according to our expectations, move lower towards 1259 area and bounce towards new high.Current market price is 1275-76 and we are still expecting little more upward movement.Before reading today analysis , please have a look at previous analysis, it will help you understand the pattern we spot in previous XAU USD analysis.
XAU USD Today Daily Time Frame Analysis
We spot a break of triangle in previous analysis , it was expecting that price will move upward towards 1281-83 minimum and 1295-96 in extension. Gold move high yesterday and close around 1275-76 which give more confidence towards our first target 1281-83.I believe this target may met today.We will look for the confirmation either price will give more upward movement for 1294-96 or it may give reversal.We will look for the reversal from 2 major areas 1281-83 and 1295-96.We will not enter in bearish position unless we get any proper reversal signal.This week closing may clear the picture for next movement diagram.I am sharing update daily chart below.Please have a look.
XAU USD Daily Chart
XAU USD 4 Hour & Hourly Time Frame Analysis
Gold is moving upwards after touching the hourly support around 1259-60 , current market price is 1275-76 and we are expecting more upward movement for minimum 1283 and maximum 1296.Price is moving in a rising channel direction in 4 hour chart.It is also possible price may touch 1271 ( support ) and then bounce back again.I am sharing 4 hour and hourly chart below with two different expected movement diagram.Both charts are indicating upward movement, but patterns are different.Please have a look in 4 hour and hourly chart below.
4 Hour XAU USD Chart
XAU USD Hourly Chart
Alternate Analysis : Movement and closing below yesterday low will invalidate today analysis
Support & Resistance
Hourly Support : 1269-71
Hourly Resistance : 1276
Daily Support : 1259-60
Daily Resistance 1281-83
Note: Never risk more then 2% of your account capital 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 and help us to improve.
Wish you good luck and happy trading
Mati Ur Rehman
Gold Analyst @ Dailygoldanalysis.com
The post XAU USD Gold Analysis 26th Oct 2016 appeared first on Daily Gold Analysis|Forex Trading | Gold Technical Analysis.