Overview:
Since our last analysis, Gold has been trading downwards, as we expected, the price tested the level of 1,327.47 on high volume (selling climax). According to the daily chart, we can observe strong supply on the high volume, which is sign that we may see larger bearish corrective phase. We can also observe that price has broke our submajor Fibonacci Retracement 61.8% (1,333.00). Gold is in progress of bearish corrective phase and I've placed Fibonacci Retracement to find next upper station. I got major Fibonacci Retracement 38.2% at the price of 1,312.00. Be careful with buying and watch for selling opportunities after retracements.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,351.34
R2: 1,359.32
R3: 1,372.23
Support levels:
S1: 1,325.52
S2: 1,317.54
S3: 1,304.63
Trading recommendation: Trading the metal, be careful with buying at this stage since Gold is in progress of bearish corrective phase. Watch for selling opportunities after retracement.
