Overview:
Since our last analysis Gold has been trading downwards, the price tested the level of 1,364.32 on high volume. We are still likely to see its testing the weekly FE level of 161.8% (Weekly third target) at the price of 1,151.00. I saw supply bar on the volume above the average according to the daily chart. That is the sign that the pair failed to test FE 100% at the price of 1,440.00 so we may mark point D like end of the upward corrective phase. The current situation in (4H) is that we have got large volume in the previous downward move which is sign that we got strong supply on the market. 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 after corrections.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,391.01
R2: 1,399.13
R3: 1,412.27
Support levels:
S1: 1,364.73
S2: 1,356.61
S3: 1,343.47
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 1,151.0
