The most common question getting through email and our Instagram private chat, Investors are asking should I buy gold, where to buy gold. I have mentioned clear picture and buying area in my previous week’s analysis.

Gold Forex Forecast | Gold Forex Prediction | Buy Sell Gold

15th Dec 2016 Update Gold Analysis

We were bullish in gold and expected a break, which did not happen, gold moved lower and broke its extreme support on an hourly and daily chart.This break invalidates our bullish thoughts. The alternate graph I shared in my last analysis is still valid.We will wait for weekly closing for the final confirmation.I will update new gold technical analysis after weekly closing.Below is the 4-hour technical analysis for a short-term trade.

4 Hour Gold Technical Analysis

Gold is forming a falling wedge pattern in 4-hour time frame chart.The next resistance of wedge is at 1251 which was previous trend support, It will act as resistance now according to the technical trading rules.“Support become resistance when it breaks”. Next support of Wedge is around 1129, which I mentioned in the chart below.I suggest you stay neutral in the market until the market breaks its Wadge resistance with confirmation.(Market is already in oversold condition).

I also mentioned the break confirmation area below in the chart.Please have a look at a chart below to get the possible next movement diagram.

4 Hour Falling Wage Pattern Gold Chart

13th Dec 2016 Update Gold Analysis

As per the expectations, Gold made a low around 1151 which was our extreme and final trend support area.Metal bounce from 1151 and closed in a daily candle around 1163-64 area.This bounce was expected and also it was the best price for gold buyers.I am sharing 4-hour gold chart below to give my logical thoughts about next movement.As you know, it is December and closing month of the year.The market may act a little bit out of technicals because of the closing month, and it may have less volatility during last week of this month.Our daily and weekly chart expectations are same.

Gold bounce is confirmed, but we need the confidence to remain in bullish trade.Movement above 1279-81 will give more confidence towards our bullish thoughts.I have shared the support line in a red colour below.Please see the 4-hour chart below to get the next movement idea.

Note: Today I am also sharing alternate 4-hour gold analysis below

Spotted a falling wedge pattern in 4-hour chart.We will consider this as an alternate if gold reverses back and fail to break the resistance or confirmation area.The support of falling wedge is in a red colour.Falling wedge always break upside with huge bullish rally.But we need to spot it from where it will break.Please have a look in a chart below.

4 Hour Alternate Chart Analysis

12th Dec 2016

Today I am sharing update metal analysis with some invalidation points.Please have a look in a gold technical weekly and daily time frame analysis for today.

Weekly Gold Technical Analysis

Gold is trading in a support zone since a couple of weeks; Our bearish target was 1151-55 which was done in the previous week.Metal touch 1155 area and bounce but fail to sustain and come back to its support level again before weekly closing.1151-55 is the area of psychological interest for gold investors.It is also the broken resistance area of descending channel which was broke in the start of 2016.We are still expecting a handsome bounce from the 1151-55 area towards minimum 1199-1201 in a couple of next weeks.This week closing may explain the picture.Please keep in mind if gold move and close below the support zone 1151-55 in weekly time frame chart.It will invalidate our bullish thoughts.Please have a look at a weekly time frame gold chart below.I have mentioned bounce area with invalidation zone.We considered weekly charts for longer term overview.

Weekly Gold Chart For Buy Gold

Daily Gold Technical Analysis

Previous day closing near the support creates confusion for buyers to hold the trades and wait for the bounce.As per our past couple of analysis.Gold is still above the invalidation area, and we are bullish as long as gold is trading above the cancellation point.Current market price is around 1155-57 area.Weekly and daily support zone is 1151-55.We will consider invalidation only if gold move and close below 1151 in weekly and daily time frame chart.According to the technical setup, we are spotting 1151-55 the best area to buy gold.Please have a look at the daily technical gold chart below.

Daily Gold Chart For Buy Gold

Support & Resistance

Hourly Support : 1151

-Hourly Resistance : 1177-79

Daily Support : 1151

Daily Resistance 1199-1201

Note: Never risk more than 2% of your account capital in single trade.Always trade with the proper risk management plan.

Feel free to comment below if you have any concern regarding charts and analysis.Your feedback is always welcome and help us to improve.

Wish you good luck and happy trading

Mati Ur Rehman

Gold Analyst @ Dailygoldanalysis.com