Overview:
Since our last analysis, Gold has been trading upwaards, the price tested the level of 1,406.00 on 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 demand bar on low volume, according to the daily chart. That is the sign that we may test FE 100 % at the price of 1,440.00 before any downward movement. The current situation in (4H) is that we have got increasing in volume on the previous upward move and also I placed Fibonacci Expansion level to find potential end of corrective upper phase and I got FE 61.8 % at the price of 1,376.00 and FE 100 % at the price of 1,440.00 like potential levels where we may see the end of the upward corrective phase. 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: 1,403.74
R2: 1,407.36
R3: 1,413.20
Support levels:
S1: 1,392.06
S2: 1,388.44
S3: 1,388.44
Trading recommendation: Operating with the metal, be careful with short-term buying and look for selling opportunities. My recommendation for a downward short-term target is at 1,151.00.
