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Overview:
Since our last analysis, gold has been trading upwards, the price tested the level of 1,2912.00 on volume above the average. If we take a look at 4H timeframe, we can observe weak demand bars (small real bodies) on volume above the average and that is sign that buying at this stage looks risky since we are in smaller bullish correction. I have placed Fibonacci retracement levels to find potential end of bullish corrective phase and I got Fibonacci retracement 38.2% (currently on the test) at the price of 1,291.00 and Fibonacci retracement 61.8% at the price of 1,297.00 . 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. Our Fibonacci retracement 38.2% at the price of 1,303.00 held successfully and that caused price to start bearish movement. 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: 1,298.33
R2: 1,302.87
R3: 1,310.20
Support levels:
S1: 1,283.67
S2: 1,279.13
S3: 1,271.80
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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