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Overview:
Since our last analysis, gold has been trading downwards, as we expected, the price tested the level of 1,292.98 on high volume. According to the daily chart (Thursday bar), we can observe supply bar on volume below the average, which is sign that market its not ready to start larger downward movement. Anyway, if we take a look at 4H timeframe, we can observe supply bar on volume above the average and that is good sign for potential downward movement. 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. According to current downward leg, we've got Fibonacci retracement 38.2% at the price of 1,303.00 (successfully held) and Fibonacci retracement 61.8% at the price of 1,313.00. If the price breaks the level of 1,279.00 on a higher volume, we may see it testing the level of 1,263.00. My advice is to watch for selling opportunities after retracement.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,306.57
R2: 1,309.69
R3: 1,314.73
Support levels:
S1: 1,296.49
S2: 1,293.37
S3: 1,288.33
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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