Overview:
Since our last analysis, Gold has been trading downwards, as we expected, the price tested level of 1,277.38 on high volume, we are still likely to see it testing the weekly FE level of 161.8% (Weekly third target) at the price of 1,151.00. I saw demand bar on volume above the average, according to the daily chart. That is a sign that gold got supply to continute bearish movement.The current situation in (4H) is that we have got buying climax, increasing volume on downward bars and the broken channel, which is the sign that Gold may continue the 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 after corrections.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,324.06
R2: 1,337.00
R3: 1,357.93
Support levels:
S1: 1,282.20
S2: 1,269.26
S3: 1,248.33
Trading recommendation: Operating with metal, be careful with the short-term buying and look for selling opportunities. My recommendation for a downward short-term target is at 1,151.0
