Daily Gold Analysis ( Analysis Update )

Good Evening Gold Lovers

As per our previous analysis.We were looking for break.Gold has break its major rising support in 4 hour chart.Now the break is confirm, We will look for sell entry in better price.We will still look for daily candle closing.I mention the sell area in the chart below.Stoploss should above the resistance that was previous support and the target is next support that 1211-17 area.Please trade according to proper risk management rule.

Don’t risk more then 1% of your total account in single trade.Adjust your stoploss and lot size accordingly.
Your comment below will be appreciated.
Wish you best of luck.
Mati Ur Rehman
Gold Analyst @ Dailygoldanalysis.com


Good Morning Gold Fantasies.

Yesterday closing above the resistance invalidate our short term bearish thoughts and confirm the bulls may hold the market.We will have to look buy entry from lows.I am sharing different time frame chart analysis to give the logical view about gold.

Weekly Time Frame Analysis

Gold was in a downtrend and forming a descending channel that was broken few weeks before.That break gives us bullish thoughts with target 1370-90.Please keep in mind when ever the channel break we set our target by calculating the size of channel.So we will be bullish in gold until price break the support of descending channel.I mention support and the target area in a chart below.


Daily Time Frame Analysis

Yesterday break and closing above the resistance confirms the bullish thoughts.According to technical concept when resistance break it may act as a support.So the resistance become support now at 1251-55 area.We may get some buy entry from the support area.If gold break the support in daily time frame then the next support is t 1233-37 area.We may get more good price to buy from the lows.Please look at daily chart below , I labeled support area in the chart image.


1 Hour Time Frame Chart Analysis

Yesterday break and close above the resistance change our bearish concept to bullish.Current market price is at 1258 and the immediate support in 1 hour time frame is at 1251-55 area.We may see buying pressure from the support area.If gold break the support we will get better price to buy from the next support level around 1231-37 .I suggest you to remain bullish in gold and buy from the dips to get better price.I mention support and resistance in a chart below.


Don’t risk more then 2% of your total account capital in one trade.Adjust your stop losses and lot sizes according to money management rule.
We always welcome the comments and feedback regarding charts and analysis.

For More Trade Analysis and recommendations , Please visit our website

Wish you best of luck for trading

Mati Ur Rehman

Gold Analyst @ Dailygoldanalysis.com

Good Evening Gold Lovers

As per our previous analysis we were expecting some downward movement before targeting a new high.Gold give a new low at friday and close at support level.1251-55 is the minor support , Gold can bounce from this level.If gold break this support , We will have opportunity to buy gold from more good price.I am sharing three different time frame chart analysis to give my technical view for next move.

Weekly Time Frame Analysis

After break the descending channel .We set our target for gold at 1370-90 area.Couple of reversal candle indicating some more downward movement.We will look for the best price to buy gold from the low.Next support is at 1233-37 and then 1224-45 area.Weekly main support is at 1191-93 level.If gold break the weekly main support we will change our thoughts from bullish to bearish.As long as gold is above the support we will remain bullish.Weekly target is at 1370-90.


Daily Time Frame Analysis

Gold is struggling to break the resistance in daily chart.Some bearish candles and bearish divergence can give us new low to buy gold.If gold break and close above the daily resistance we will buy from that level.If gold follow the resistance and move lower , we will look for buy entry from the support.I mention support area in the daily chart below.


1 Hour Time Frame Analysis

1 Hour time frame chart give a closer picture.Next support for gold is at 1244-45 and then 1224-25 level.We may have best opportunity to buy gold from the support 1224-25 with stop loss below the support.I suggest you to wait for better price.Please keep in mind if gold break the resistance and close above 1267-71 level.We will buy from the break with target 1291 and 1301.Longer term target will remain the same 1370-90.For better understanding please have a look in a chart below.


Don’t risk more then 2% of your total account capital in one trade.Adjust your stop losses and lot sizes according to money management rule.
We always welcome the comments and feedback regarding charts and analysis.

For More Trade Analysis and recommendations , Please visit our website Daily Gold Analysis – !!Daily Forex Updates|Gold Analysis News!!

Wish you best of luck for trading

Mati Ur Rehman

Gold Analyst @ Dailygoldanalysis.com

Good Morning Gold Lovers

Gold is trading in a range between 1260-40 area.Current market price is 1249-50.I am expecting a big move once gold break its resistance above 1260-65 area.If price fail to break the resistance , we may get better price to buy gold from lows.I am sharing different time frame chart analysis to give my view.Please read the analysis and chart patterns below.

Weekly Chart Analysis

As i mention in my previous analysis, gold recently break its resistance of descending channel and give us bullish thoughts.Now that resistance become support, As long as gold is trading above the support level in weekly chart we will remain bullish and look for buy entry from the better prices.Weekly target for gold is at 1370-90.I have mention support and the target level in the chart below.


Daily Chart Analysis

Daily resistance is at 1260-65 area.Today closing of daily candle is below the resistance and forming a inverted hammer at the support level.I am expecting bullish move today from the support.If gold close and break above the resistance 1260-65 area, it will be indication and confirmation to buy gold from the resistance break.Gold next support is at 1224-25 level.If gold move lower and break the immediate support at 1233-37 level, we may see gold at 1224-25 and that will be best area to buy.I have mention support and resistance area in a chart below.


Don’t risk more then 2% of your total account capital in one trade.Adjust your stop losses and lot sizes according to money management rule.
We always welcome the comments and feedback regarding charts and analysis.

For More detailed Chart Analysis and recommendations , Please visit our website Daily Gold Analysis – !!Daily Forex Updates|Gold Analysis News!!

Wish you best of luck for trading

Mati Ur Rehman

Gold Analyst @ Dailygoldanalysis.com

Good Evening Gold Lovers

We were expecting some bullish move yesterday, that was not happen and alternate works.Gold move downside and break its first and second support.I am expecting little more downward movement towards main support.We may buy gold from the next support 1191-93.I am sharing weekly, daily an 1 hour time frame analysis to give picture for possible next move.Please read the analysis below.

Weekly Gold Analysis

Gold is most likely to touch its support level of broken descending channel that was previous resistance become support.This weekly closing may give some clear picture to analyse next move.As long as gold is above the support we will remain bullish.Movement and weekly closing below the support 1191-93 will invalidate our bullish thoughts.Gold longer term target remains the same 1370-90.We will wait for the confirmation of bounce in shorter time frame charts.I mention the support area in a chart below.


Daily Gold Analysis

Gold move lover today to touch 1211 area and bouncing back.I believe gold may move little more downside to complete its divergence that was forming in daily chart pattern.Next support is at 1191-93.This will be the exact area to buy gold from.Gold possible next resistance is at 1233-37 area.Please see the chart below, next support area is mention.Gold can also give some correction before next down movement.We will look for buy entry from the support level.


Don’t risk more then 2% of your total account capital in one trade.Adjust your stop losses and lot sizes according to money management rule.
We always welcome the comments and feedback regarding charts and analysis.

For More Trade Analysis and recommendations , Please visit our website Daily Gold Analysis Daily Gold Analysis – !!Daily Forex Updates|Gold Analysis News!!

Wish you best of luck for trading

Mati Ur Rehman

Gold Analyst @ Dailygoldanalysis.com

Good Evening Gold Lovers

We were expecting some bullish move yesterday, that was not happen and alternate works.Gold move downside and break its first and second support.I am expecting little more downward movement towards main support.We may buy gold from the next support 1191-93.I am sharing weekly, daily an 1 hour time frame analysis to give picture for possible next move.Please read the analysis below.

Weekly Gold Analysis

Gold is most likely to touch its support level of broken descending channel that was previous resistance become support.This weekly closing may give some clear picture to analyse next move.As long as gold is above the support we will remain bullish.Movement and weekly closing below the support 1191-93 will invalidate our bullish thoughts.Gold longer term target remains the same 1370-90.We will wait for the confirmation of bounce in shorter time frame charts.I mention the support area in a chart below.


Daily Gold Analysis

Gold move lover today to touch 1211 area and bouncing back.I believe gold may move little more downside to complete its divergence that was forming in daily chart pattern.Next support is at 1191-93.This will be the exact area to buy gold from.Gold possible next resistance is at 1233-37 area.Please see the chart below, next support area is mention.Gold can also give some correction before next down movement.We will look for buy entry from the support level.


Note

Don’t risk more then 2% of your total account capital in one trade.Adjust your stop losses and lot sizes according to money management rule.
We always welcome the comments and feedback regarding charts and analysis.

For More detailed Chart Analysis and recommendations , Please visit our website
Daily Gold Analysis – !!Daily Forex Updates|Gold Analysis News!!

Wish you best of luck for trading

Mati Ur Rehman

Gold Analyst @ Dailygoldanalysis.com

Good Evening Gold Lovers

Morning analysis we were expecting some correction before a possible bounce.Price move lower give a low at 1230-31 level.I am expecting little more down movement to get a better price to buy gold.This correction may end at 1221-22 or extend to the 1 hour support at 1213-15 level.That may be the best buying area for gold.If price couldnt complete the correction and bounce, then we will look for possible buying after the break of 1 hour resistance at 1241-43 level.I spot the resistance and buying one in a chart below.Please have a look.


Don’t risk more then 2% of your total account capital in one trade.Adjust your stop losses and lot sizes according to money management rule.
We always welcome the comments and feedback regarding charts and analysis.

For More detailed Chart Analysis and recommendations , Please visit our website
Daily Gold Analysis – !!Daily Forex Updates|Gold Analysis News!!

Wish you best of luck for trading

Mati Ur Rehman

Gold Analyst @ Dailygoldanalysis.com

Good Morning Metal Lovers

Yesterday Analysis we predict some downward movement and correction in metal.Gold move down to its first support level at 1221-23 . This is first support zone and possible buying area.If gold break the support then we may see gold at 1201-03 level.I am sharing 3 different time frame chart analysis to give logical view for possible next move.Please consider reading analysis below.

Weekly Chart Analysis

As per our previous analysis we are bullish in gold because gold recently break its longer term bearish channel that was forming in weekly chart.As per the law when resistance break it may behave as a support.Gold longer term and main support is at 1191-93 level and weekly target may 1370-90.We will look for buy entry from every low to get better price to jump in the market.Weekly overlook is totally in favor of buying gold as long as gold is moving above the main support level.Break and closing in weekly time frame chart below the support will invalidate our bullish thoughts and we may consider it was a false break.I have mention support and the target area in a chart below.


Daily Chart Analysis

Today closing in daily time frame chart is bearish but close above the first support still give possible buying thoughts.Gold may bounce from 1221-23 towards its first target that is around 1237-41 level.Movement and closing above this level will give more confirmation to remain in bullish bias.Gold next support is at 1201-03 level.If gold move down then the next possible buying entry will 1201-03.Gold main trend support is 1191-93.Movement and closing below this level will invalidate our bullish thoughts.I have spoted support and resistance zone in the chart below.


Note

Don’t risk more then 2% of your total account capital in one trade.Adjust your stop losses and lot sizes according to money management rule.
We always welcome the comments and feedback regarding charts and analysis.

For More detailed Chart Analysis and recommendations , Please visit our website

Daily Gold Analysis – !!Daily Forex Updates|Gold Analysis News!!

Wish you best of luck for trading

[B][I]Mati Ur Rehman

Gold Analyst @ Dailygoldanalysis.com[/I][/B]

Daily Gold Analysis Update :

Good Evening forex friends.Today analysis we were expecting a possible bounce 1221-22 level.Gold move exactly according to our expectations and give a high at 1235.Gold immediate resistance is at 1237-41 level.This will be the watching area.If gold break and close above the resistance in 1 hour time frame chart , then the possible next target will be 1249 and then 1267-71 in extension.i am sharing 1 hour time frame update chart below.Please have a look at chart.

1 Hour Update Chart


Previous 1 hour chart

For your reference of previous analysis.I am sharing previous 1 hour chart below.


Note

Don’t risk more then 2% of your total account capital in one trade.Adjust your stop losses and lot sizes according to money management rule.
We always welcome the comments and feedback regarding charts and analysis.

For More detailed Chart Analysis and recommendations , Please visit our website

Daily Gold Analysis – !!Daily Forex Updates|Gold Analysis News!!

Wish you best of luck for trading

Mati Ur Rehman

Gold Analyst @ Dailygoldanalysis.com

Good Morning Metal Lovers

Yellow metal is trading at 1231-32 level at the moment.Gold is struggling to break its physiological level around 1241-43.Yesterday we were expecting the break to enter the market but it was not happen.We will look to jump in the market from the support level or break of the resistance.I am sharing different time frame chart analysis to give my view for possible next move.Please consider reading the analysis below.

Weekly Overview

After the break of descending channel in weekly time frame we set our target for metal is 1370-90 , We are bullish in gold as long as gold is trading above the support level that was previously resistance of descending channel.This week closing may clear the picture and give more confirmation in our bullish thoughts.Technically If gold close above 1249-55 level in weekly chart , This may give more confidence for possible next week move to 1271-73 level.Break and closing below 1191-93 level will invalidate this trade setup.I have mention support and target area in a weekly chart below.


Daily Gold Overview

Gold move high to 1240-41 level yesterday and close in daily time frame at 1231 level.Daily candle stick closing indicating some more bullish movement today with short term invalidation below 1221 that was yesterday low.Today i am expecting bullish move towards 1253-55 level.movement above 1241-43 will give more confidence towards the first target 1253-55.Gold daily resistance is at 1269-73 level.Support area for daily trend remains the same at 1191-93.In alternate scenario if gold move below 1221 level, We will wait for the next support level to buy gold.I have mention support and resistance area in the chart below.


Don’t risk more then 2% of your total account capital in one trade.Adjust your stop losses and lot sizes according to money management rule.
We always welcome the comments and feedback regarding charts and analysis.

For More Trade Analysis and recommendations , Please visit our website
Daily Gold Analysis – !!Daily Forex Updates|Gold Analysis News!!

Wish you best of luck for trading
[B][I]
Mati Ur Rehman

Gold Analyst @ Dailygoldanalysis.com[/I][/B]

Good Evening Forex Friends

Gold fails to touch support again and bounce from 1215-16 level.Current market price is 1234.This could be the watching area.If gold break the resistance of 1234-35 and close above the risistance in 1 hour and 4 hour chart.We will look for buy entry after the break with invalidation below 5 to 7 points of support line. MACD is also indicating bullish volume.I suggest you to watch the resistance area closely and jump in the market after the confirmation of break.I am sharing update 1 hour chart for your understanding.Please have a look below.


Previous 1 Hour Chart


Note

Don’t risk more then 2% of your total account capital in one trade.Adjust your stop losses and lot sizes according to money management rule.
We always welcome the comments and feedback regarding charts and analysis.

For More detailed Chart Analysis and recommendations , Please visit our website

Daily Gold Analysis – !!Daily Forex Updates|Gold Analysis News!!

Wish you best of luck for trading
[B][U]
Mati Ur Rehman

Gold Analyst @ Dailygoldanalysis.com
[/U][/B]

Good Morning Metal Riders

We were looking for break yesterday to jump in the market.Gold move higher at 1236.50 then reverse back and close below the resistance.Situation is still unclear, We are still looking for confirmation to ride in the market.I am sharing different time frame thoughts to give logical view about possible next move.Please go through the analysis below.

Weekly Gold Analysis

After breaking the descending channel couple of week before , we set our thoughts to remain bullish in gold un till gold is trading above the support that was previous resistance of descending channel.Gold major support is at 1191-93 level.Gold may bounce from the support or above from the support.Movement above 1237 will give some confidence and closing above 1280 in weekly time frame will give more confirmation to remain bullish in gold.Gold long term target is at 1370-90.If gold fail to bounce from the support and close below the support, we will consider previous break as a false break and will change our thoughts accordingly.Please see the chart below , I have mention support and resistance area.


Daily Gold Analysis

Daily candle stick closing is indicating some more bullish movement today.Yesterday high is at 1236.50, Movement above this level will be the indication to achieve the daily next target that is 1249-51 and 1269-71 in extension.Please keep in mind we are bullish in gold untill price is above the support zone 1191-93.Movement and closing below the support in daily and weekly time frame chart will invalidate our bullish thoughts.If price move lower we will look for better price to enter the market.Gold next support is at 1211-13, Second support may 1201-03 and third and final main support is at 1191 level.I have mention support and resistance area in the chart below.Please have a look.


Don’t risk more then 2% of your total account capital in one trade.Adjust your stop losses and lot sizes according to money management rule.
We always welcome the comments and feedback regarding charts and analysis.

For More Detailed Trade Analysis and recommendations , Please visit our website
Daily Gold Analysis – !!Daily Forex Updates|Gold Analysis News!!

Wish you best of luck for trading

[B][I]Mati Ur Rehman

Gold Analyst @ Dailygoldanalysis.com[/I][/B]

Good Evening Forex Friends

Symmetric triangle in 4 hour time frame give reversal from the resistance we have discuss in previous analysis.I am updating the chart analysis for better understanding.Today is fomc speaks. Market may volatile during FOMC minutes.Technically gold has minor support at 1219-21 and declining resistance is become 1229-31 level.if gold break the support , we may see gold at 1201 or 1191-93 area.If gold fail to break the minor support from 1219-21, We will look for buy entry after breaking the resistance above 1229-31.I have mention possible next movement indication in the chart below.Please have a look


Don’t risk more then 2% of your total account capital in one trade.Adjust your stop losses and lot sizes according to money management rule.
We always welcome the comments and feedback regarding charts and analysis.

For More Detailed Trade Analysis and recommendations , Please visit our website Daily Gold Analysis – !!Daily Forex Updates|Gold Analysis News!!

Wish you best of luck for trading

Mati Ur Rehman

Gold Analyst @ Dailygoldanalysis.com

Good Morning Metal Lovers

Gold struggle to break the resistance and give reversal with a new low at 1215-16.The situation is still unclear, As long as gold is moving below the resistance, we couldn’t jump in the market for bullish trade.We will still look for buy entry from the support area or after the break confirmation.I am sharing different time frame chart analysis to give logical view about gold possible next move.Please read the analysis below.

Daily Gold Technical Analysis

Yesterday closing was indicating more bullish movement if gold move higher to 1236.It was not happen and gold give reversal from 1230 and give a new low at 1215.Today closing was at 1222-23 level with small bearish candle.Situation is still not clear in daily time frame chart.We will remain neutral in the market today until we get any logical confirmation.If gold move high above 1233-36 level, we will jump in the market for bullish move with target 1249.If gold move lower , we will look for buy entry from the support 1201 or 1191-93 in extension.Movement and closing below this level will invalidate out bullish bias.We will change our thought from bullish to bearish if we get weekly and daily closing below 1191-93.I have mention support, resistance and invalidation point in the chart below.


Don’t risk more then 2% of your total account capital in one trade.Adjust your stop losses and lot sizes according to money management rule.
We always welcome the comments and feedback regarding charts and analysis.

For More detailed Chart Analysis and recommendations , Please visit our website.

Daily Gold Analysis – !!Daily Forex Updates|Gold Analysis News!!

Wish you best of luck for trading

[U]Mati Ur Rehman

Gold Analyst @ Dailygoldanalysis.com[/U]

Good Evening Gold Riders

Gold finally break its resistance, we were waiting for few days.Break is confirm and the first target we set was 1249-51 area and second target may 1269-71.Now the broken resistance will act as a support.I suggest you to set your stoploss below the support.Market may also test the support before hitting the target or it can be achieve without correction.I am sharing 1 hour time frame chart for better understanding.Support , invalidation and target area is mention below.

1 Hour Chart



Previous 1 Hour Chart


Don’t risk more then 2% of your total account capital in one trade.Adjust your stop losses and lot sizes according to money management rule.
We always welcome the comments and feedback regarding charts and analysis.


For More Trade Analysis and recommendations , Please visit our website

Daily Gold Analysis – !!Daily Forex Updates|Gold Analysis News!!

Wish you best of luck for trading

[B][I]Mati Ur Rehman

Gold Analyst @ Dailygoldanalysis.com[/I][/B]

Good Morning Forex Fantasies

Metal Break the resistance of 1229-31 we were expecting since last few days and give a new high at 1243.Our first target was 1249-51.We are still in the trade and looking farward to meet our first target and second target that was 1269-71.We are in the trade and expecting to achieve our next target today.I am sharing different time frame chart analysis to give logical technical view about gold.Please go through with charts and analysis below.

Daily Gold Forecast

yesterday analysis we were expecting a bounce from the support level.Today gold move according to our expectations and hit a new high at 1243 level , closing was at 1240.We are expecting more upward movement today with minimum target 1249-51 and maximum at 1269-71.Gold immediate support is at 1225 , Gold may give some correction before heading up.If gold give correction we may get more better price to jump in bullish rally.Daily main support and invalidation point remains the same 1191-93.We will set new support levels after today closing.I have mention invalidation point , support and target area in the chart below.


Note: Don’t risk more then 2% of your total account capital in one trade.Adjust your stop losses and lot sizes according to money management rule.
We always welcome the comments and feedback regarding charts and analysis.

For More detailed Chart Analysis and recommendations , Please visit our website
Daily Gold Analysis – !!Daily Forex Updates|Gold Analysis News!!

Wish You Best Of Luck And Happy Trading

[B][I][U]Mati Ur Rehman

Gold Analyst @ Dailygoldanalysis.com[/U][/I][/B]

Good Evening Forex Friends

We were expecting a correction before a new bounce.Price move lower to the first Fibonacci support and bounce with high at 1242-43.Price move exactly according to our expectations but could reach our target today.I suggest you to close all position.We will come back with a fresh trade idea.Hope we will get better price to jump again.I am sharing update 1 hour chart below.Please have a look.


I am also sharing previous 1 hour chart for the reference


Don’t risk more then 2% of your total account capital in one trade.Adjust your stop losses and lot sizes according to money management rule.
We always welcome the comments and feedback regarding charts and analysis.

For More detailed Chart Analysis and recommendations , Please visit our website
Daily Gold Analysis – Daily Gold Technical Analysis And Updates

Wish You Good Luck & Happy Trading

[B][I]Mati Ur Rehman

Gold Analyst @ Dailygoldanalysis.com[/I][/B]

Good Morning Gold Traders

Last week we were bullish in gold, and we got positive moves.This week we will still remain bullish and will look for buy entry from the dips.I am sharing different time frame chart analysis to predict gold next move.Please go through the analysis written below.

Weekly Gold Overlook

We will still remain bullish in gold as long as gold is trading above the support level, we have set the support level at 1191-93 , It was previous resistance of descending channel that was forming since last few years.This broken resistance indicate declining bearish trend and we set our thought for bullish in metal.Last week closing give more confidence to our bullish bias.Current market price is 1238-39 and weekly high was at 1243.We will look for buy entry from the low.The first minor support in weekly chart is 1229-31 level and 1225-26 in extension.Gold invalidation area remains the same as per previous analysis.If gold move and close below the invalidation point 1191-93 we may change our thoughts accordingly.I am sharing weekly char below.Please have a look.


Daily Gold Overlook

MACD in daily chart gaining more strength and indicating buyers may control the market soon.Previous daily candle closing was doji and it gives confusion to traders.But overall we set bullish thoughts because of weekly descending channel break. That’s the reason we will remain bullish and look for better price to enter in the market for bullish rally.Immediate support in daily time frame is at 1225-26 and second support become 1217-18 now.Invalidation point for bullish trend remains the same 1191-93.The best possible buy area is around 1220-25 and price may resist at 1249-51 level that will be our first target for gold.Next target is 1260-71 that is resistance of daily time frame.If gold fail to touch support level, we may buy gold at the break of 1243.Please look at the chart below i have mention support and resistance area.


Note

Don’t risk more then 2% of your total account capital in one trade.Adjust your stop losses and lot sizes according to money management rule.
We always welcome the comments and feedback regarding charts and analysis.

For More detailed Chart Analysis and recommendations , Please visit our website

Daily Gold Analysis – Daily Gold Technical Analysis And Updates

Wish you best of luck for trading

[B][I][U]Mati Ur Rehman

Gold Analyst @ Dailygoldanalysis.com[/U][/I][/B]

Good Evening Gold Lovers

Morning analysis we were expecting a correction before heading up and alternate set our buy limits to buy after the break of 1243.Price move according to alternate expectations.Gold break 1243 in early asia session and hit our first target that was 1249-51.Current market price is 1250 and we are still expecting more bullish movement .Our second target remains the same.Price may forming a rising channel pattern for next possible target.Now minor support is around 1241-43 and price may resist around 1259-61 and 1269-71 in extension. i am sharing update hourly chart to give logical view about our next move of gold.


I am also sharing previous hourly chart , Please have a look below


Note

Don’t risk more then 2% of your total account capital in one trade.Adjust your stop losses and lot sizes according to money management rule.
We always welcome the comments and feedback regarding charts and analysis.


For More detailed Chart Analysis and recommendations , Please visit our website

Daily Gold Analysis – Daily Gold Technical Analysis And Updates

Wish you best of luck for trading

[B][I]Mati Ur Rehman

Gold Analyst @ Dailygoldanalysis.com[/I][/B]

Good Morning Forex Friends

We have got some positive points yesterday , Our first target has been hit at 1259.We are expecting a short term correction today.This correction may give 10 to 15 points downward move.I am sharing different time frame chart analysis to share my thoughts about yellow metal possible next move.Please go through the analysis below.

Weekly Gold Analysis

As we discuss in our previous analysis we are bullish in gold as long as gold is trading above the support line 1191-93 that was previous resistance of descending channel.Our longer term target for gold is 1370-90 , Movement and closing above 1281-85 in weekly time frame will give more confidence to out bullish bias.I have mention support, target , and invalidation area in the weekly gold chart below.


Daily Gold Analysis

yesterday analysis we were expecting more upward movement towards 1259-61 and 1269-71 in extension.Gold move exactly according to our expectations and give a new high around 1260 level.We are still bullish in gold but expecting a short term correction towards 1243-47 area.We will wait to complete the correction to jump again in bullish rally.Daily immediate support is at 1230-31 level and next resistance is at 1269-71.If gold move above without correction then we may look for the break of 1271 or correction from resistance. MACD in daily time frame gaining strength , that is early indication for strong bullish trend.Buying from every low will help us to get maximum benefit of uptrend.Please go through the daily chart below.I have mention support and resistance area in the chart.


Note : Don’t risk more then 2% of your total account capital in one trade.Adjust your stop losses and lot sizes according to money management rule.
We always welcome the comments and feedback regarding charts and analysis.

For More Trade Analysis and recommendations , Please visit our website

Home - Daily Gold Analysis

Wish you best of luck for trading
[B]
Mati Ur Rehman

Gold Analyst @ Dailygoldanalysis.com[/B]