Gold Price Analysis Weekly Daily & Hourly Overview
We expected a correction from major weekly resistance level 1271 towards minimum 1245.It did not happen and gold couldn't make reversal from resistance zone and break above the weekly resistance line which was not expected.Current gold price is around 1288-89 and Gold made high exact at 1293 level.We still believe gold may not give more upward movement from this level.I am expecting a strong selling this week and gold may remain in bearish mode for a couple of next days.I am sharing three different timeframe chart analysis below to share my logical technical thoughts regarding the upcoming gold move.
Gold Price Weekly Analysis
The gold fails to reverse from major resistance level 1267-71 which were our watching zone.Movement and closing above 1271 invalidate our correction thoughts and took gold towards next high at 1293.I believe gold has completed its bullish cycle and ready to start its bearish move towards next bearish pattern.The resistance becomes support after the break and gold may get its first support zone around 1271 level which could be our watching area to check the volume for the more bearish move.If gold break 1271 in the weekly time frame and close below the support then most probably gold may give more bearish move towards 1245 and 1227 in the case of extension.The yellow metal is also forming a possible long-term symmetric triangle formation. I have already mentioned the symmetric pattern in the chart below but this pattern will confirm if gold follow and resistance its support and resistance levels.I will share the pattern update once it is confirmed.Please have a look at the weekly chart below to get the overview.
Gold Price Daily Analysis
After breaking the major resistance zone in a daily time frame chart, Gold move towards its next resistance level which was around 1293.It is expecting XAUUSD may not move higher and it's a time to start a bearish movement.The gold minimum bearish target may b the first support area which was previous resistance 1271 and 1263 level.We will decide to remain in bearish mode if gold break 1263 zone in a weekly and daily time frame chart.Please have a look at the daily gold chart below, I have mentioned next support zone and invalidation point.
Gold Price Hourly Analysis
We love to share hourly gold price forecast because it gives us earliest signal of a trend reversal to catch the major move.Gold is forming a couple of reversal candle patterns in 4H time frame chart which is the earliest indication of upcoming bearish move expectations.Rejection from the falling resistance line twice is giving selling signal.Minimum 4H support is at 1278 level. The movement below 1278 will give more confidence and it will also confirm our weekly and daily thoughts that we discussed in the above-written analysis.
Please keep in mind if gold move higher and break above the resistance line which I draw in the 4H chart above ( Red Line ), It way be the earliest signal of invalidation as well.
Gold Support & Resistance Levels April 19th 2017
Resistance 1: 1293
Support 1: 1278
Support 2: 1271
Support 3: 1263