Daily view:
Based on the daily time-frame, I found that Gold is trading in consolidation mode and that there is potential for the testing of 20SMA around $1,475-$1,480. So, more potential downside and then I still expect more upside, probably tomorrow.
4H time-frame view:
Based on the 4H time-frame, I found breakout of the support at the price of $1,503, which is sign of the intraday selling pressure.ADX reading is above 35, which is clear sign for the potential more downside before potential new wave up.
Trading recommendation:
According to current market condition, my advice is to watch for selling opportunities due to underlying intraday downward trend. Downward targets are set at the price of $1,475-$1,480. Resistance level is set at the price of $1,405.
