Overview:
Since our last analysis, Gold has been trading upwards, the price tested 1,316.00 on ultra high volume.We are still likely to see testing of the weekly FE level of 161.8% at the price of 1,151.00. I saw strong demand on high volume, according to the daily chart, which is the sign that we may see continuation of the upward movement before lasting down. The current situation in (4H) is that we started up corrective phase and that we may see testing of level 1,326.00 before any downward movement. Since we are in the short-term downtrend in the daily chart, buying Gold looks very risky and I advise you to watch for selling opportunities.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,314.54
R2: 1,321.80
R3: 1,333.57
Support levels:
S1: 1,291.00
S2: 1,283.74
S3: 1,271.97
Trading recommendation: Operating with metal, be careful with short-term buying and look for selling opportunities. My recommendation for a downward short-term target is 1,151.00.
