Good Afternoon Gold Riders
Yesterday analysis we were expected to jump in the market after the break.We are in a trade with some positive points.Today i am sharing different time frame analysis to predict possible next move with invalidation levels.
Daily Time Frame Analysis
Yesterday closing in daily time frame indicating more down movement.Market give a new low at 1224-25 area.It was the minor support , Movement below 1224 will give more confidence to our bearish thoughts, Our first target remains the same 1211-13 and 1191-93 in extension.Movement and closing above 1255 in daily time frame will invalidate our bearish point of view.I mention the minor support and resistance area in the chart below.
1 Hour Time Frame Analysis
After breaking the yesterday support, Now the support become resistance for sellers.Current market price is at 1234-35 , I am expecting little bit more correction before market gives a new low.This correction may end at 1239-45 area and then we may see a new dip with target 1211-13.Movement and closing above the resistance will invalidate the analysis.Please adjust your stop loss accordingly.
If price break the resistance and close above 1245-55 area in daily time frame chart.We will change our bearish thoughts to bullish and may look to buy after breaking the resistance with target 1271-73 and 1285-87 in extension.
Dont risk more then 1% of you total account in single trade.Adjust your stoploss and lot sizes according to proper money management rule.
Your comment below regarding analysis and charts will be appreciated.
Wish you best of luck
Mati Ur Rehman
Gold Analyst @ dailygoldanalysis.com