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Overview:
Since our last analysis, gold has been trading sideways, around the price of 1,306.00, we are still waitiing for a larger movement. Our previous analysis is still active and we've got good progress. According to the daily chart, we can observe demand bar on volume below the average, which is a sign that we don't have healthy demand. According to the short-term prospective, Gold is in progress of bearish corrective phase and I've placed Fibonacci Retracement to find the first down station. I've got Fibonacci Retracement 61.8% at the price of 1,263.00. If the price breaks the level of 1,279.00 on higher volume, we may see testing the level of 1,263.00. According to the H1 timeframe, we can observe buying climax in the background. Then supply on the high volume came into the market, which means that buying Gold at this stage looks risky. If the price continues with upward movement, major resistance may be at the price of 1,321.00 (Fibonacci retracement 38.2%). My advice is to watch for selling opportunities after retracement. Any larger supply on high volume may confirm further bearish movement.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,314.01
R2: 1,318.14
R3: 1,324.83
Support levels:
S1: 1,300.64
S2: 1,296.51
S3: 1,289.83
Trading recommendation: Trading the metal, be careful with short-term buying at this stage since gold is in progress of major bearish corrective phase. Watch for selling opportunities after retracement.
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