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Overview:
Since our last analysis, gold has been trading downwards, as we expected, the price tested the level of 1,277.35 on high volume. If we take a look at 4H timeframe, we can observe rejection from our Fibonacci retracement 38.2% (1,391.00), and that caused the price to start a downward movement. We can also observe weak demand according to the 4H timeframe, which is a sign that we may see more downward movement. According to the short-term prospective, gold is in progress of major bearish corrective phase and I've placed Fibonacci retracement to find the first down station. 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: 1,290.84
R2: 1,294.40
R3: 1,300.17
Support levels:
S1: 1,279.30
S2: 1,275.74
S3: 1,269.97
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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