Overview:
Since our last analysis, Gold has been trading upwards, the price tested the level of 1,375.11 on ultra high volume (buying climax). 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 ultra high volume according to the daily chart. That is a sign that we may see reaction from the sellers and futher downward movement. The current situation in (4H) is that we got buying climax on up bars, which is sign that we may see reaction from the sellers. 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: 1,371.75
R2: 1,389.79
R3: 1,418.97
Support levels:
S1: 1,313.39
S2: 1,295.35
S3: 1,266.17
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
