Good Morning Gold Riders
Yesterday we were expecting a target 1191-93 . Gold move according to our expectations and give a new high around 1199-1200.Price may move little bit more up around 1201-1203 before correction and that correction may end around 1161-67 area.I am sharing different time frame analysis to give better understanding.
After hitting a new high price is struggling near resistance 1191-93.Recent support is at 1170-71 in daily chart.We will look for buy entry after confirmation of correction.Longer term target for gold is still same 1235-45 and may hit in few weeks.Momentum is still indicating more upward movements.
4 Hour Chart
According to 4 hour chart , Price is just ready to fall for correction and this correction may end around 1161-67 area.We will look for buy entry from these levels.I mention a channel support that was previous resistance become support now.If price breach this support line and close below the line then our bullish thoughts may change accordingly.
1 Hour Chart
1 hour charts also supporting our thoughts.Short term selling may start from current market price and may end at 1161-67 area.Please have a look in a chart below for logical entry point.
Buy limit 1161-67
Stoploss Below 1143-41 ( Support Line )
Target 1 : 1191
Target 1 : 1205
Longer term target are still 1235-45 and may hit in couple of weeks.
Note : Never risk more then 2% of your total account capital.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 & Happy Trading
Mati Ur Rehman
Gold Analyst @ Forex.today