Overview:
Since our last analysis, gold has been trading upwards, the price tested the level of 1,319.29 on average volume. Gold is sill in major bullish corrective phase. We can observe decreasing volume on upper leg, which is a sign that we may see possible bearish movement. Anyway there is a space for more upward movement before any downward reaction. I placed Fibonacci expansion and retracement levels to find possible end of bullish corrective phase and i got major FE 100% at the price of 1,335.00 and FR 61.8% at the price of 1,336.00. We also got one sub major FE 61.8% at the price of 1,324.00. Be careful with buying at this stage since we have got decreasing volume on upper leg and Gold is in high new ground. Our advice is to watch for potential bearish movement in case that we see strong supply on higher volume around our Fibonacci levels.
Daily pivot Fibonacci points :
Resistance levels:
R1: 1,302.98
R2: 1,306.92
R3: 1,313.30
Support levels:
S1: 1,290.22
S2: 1,286.28
S3: 1,279.90
Trading recommendation: Trading the metal, be careful with buying since we got decreasing volume on upper leg and we are in high new ground.
