Overview:
Since our last analysis, Gold has been trading upwards, the price tested the level of 1,342.21 on average volume. According to the daily chart, we can observe weak supply on the high volume, which is sign that we may see smaller bullish correction before the potential bearish movement. I have placed Fibonacci retracement levels to find potential end of the bullish correction and i got Fibonacci retracement 38.2% at the price of 1,347.50 and Fibonacci retracement 61.8% at the price of 1,364.00. Gold is in progress of bearish corrective phase and I've placed Fibonacci Retracement to find next down 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: 1,334.51
R2: 1,337.79
R3: 1,343.10
Support levels:
S1: 1,323.89
S2: 1,320.61
S3: 1,315.30
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.
