Overview:
Since our last analysis, Gold has been trading downward movement, as we expected. The price tested level of 1,187.86 on very high volume. Thus, we are still waiting for further downward movement. According to the 4H chart, we can observe supply on high volume which may be a sign for further bearish continuation. 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. 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 bullish corrections.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,216.22
R2: 1,225.54
R3: 1,240.63
Support levels:
S1: 1,186.04
S2: 1,176.72
S3: 1,161.63
Trading recommendation: Trading the metal, be careful with short-term buying and look for selling opportunities. My recommendation for a downward short-term target is to place it at 1,151.00.
