Forex Gold Weekly Analysis
Weekly longer term expected target was 1267-71 which was not met in the previous week.We analyzed and predicted a correction before a new high which did not happen and gold price move up without any significant correction.I am sharing update yellow metal weekly and daily analysis below to share my logical thought about next move.
The gold is currently trading near to its weekly resistance level, which is also the trend resistance. The strength figures are 1267-71 levels whereas gold could also resist at 1263 which was previous recent high.Expecting a reversal signal from the 1267-71 area, we will look for the confirmation of reversal from the peak 1267-71 zone.
Alternately: Please keep in mind if gold break and close above the resistance line which is mentioned in a red close in below chart, this will be the signal of bullish contusion, whereas the chances are too low for gold to close above the resistance.
Weekly Gold Price Chart
Daily Gold Price Predictions
Daily XAUUSD analysis will help us to see the closest overview to get the reversal signal from resistance levels.Gold is in a bullish trend, and little more upward movement is expecting.We will look for reversal signal from 1263 or 1267-71 level which is weekly trend resistance zone mentioned in a chart below.Current gold price is around 1260.
Yellow metal immediate support level is forming at 1245-47 area, which could be our first bearish target after reversal confirmation.
Please have a look at daily chart below to get the trade idea.
Daily Gold Price Chart
Gold Support & Resistance 27th March
Resistance 1: 1263
Resistance 2: 1267-71
Support 1: 1245-46
Wish you good luck and happy trading